MQS Management LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

MQS Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 488 shares of the software company’s stock after selling 40 shares during the quarter. MQS Management LLC’s holdings in Adobe were worth $246,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Evolution Advisers Inc. lifted its holdings in shares of Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the last quarter. Sound View Wealth Advisors Group LLC lifted its stake in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares in the last quarter. Wade G W & Inc. boosted its position in shares of Adobe by 0.5% during the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after buying an additional 18 shares during the period. River Street Advisors LLC grew its stake in shares of Adobe by 2.1% in the fourth quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock valued at $564,000 after buying an additional 19 shares in the last quarter. Finally, Invst LLC raised its holdings in shares of Adobe by 2.1% in the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after buying an additional 19 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADBE. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. KeyCorp upped their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Oppenheimer reissued an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Finally, TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $603.33.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 29,658 shares of company stock worth $15,970,667 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock traded up $1.11 during midday trading on Thursday, hitting $532.15. 2,135,930 shares of the company’s stock were exchanged, compared to its average volume of 3,440,715. The firm’s 50 day simple moving average is $515.72 and its 200 day simple moving average is $531.03. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $235.96 billion, a price-to-earnings ratio of 47.81, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.