Montag & Caldwell LLC Sells 6,128 Shares of Adobe Inc. (NASDAQ:ADBE)

Montag & Caldwell LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 21.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,078 shares of the software company’s stock after selling 6,128 shares during the quarter. Adobe makes up 2.6% of Montag & Caldwell LLC’s portfolio, making the stock its 17th largest holding. Montag & Caldwell LLC’s holdings in Adobe were worth $12,821,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ADBE. Steph & Co. boosted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC grew its stake in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the period. Eagle Asset Management Inc. lifted its position in shares of Adobe by 14.7% during the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after buying an additional 3,120 shares during the period. Finally, Quest Partners LLC boosted its stake in Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 111 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 8.5 %

Shares of NASDAQ:ADBE opened at $536.87 on Monday. The company has a 50 day moving average price of $553.76 and a two-hundred day moving average price of $519.73. The company has a market capitalization of $238.05 billion, a PE ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week 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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. Analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,259 shares of company stock worth $14,855,543. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent analyst reports. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday. Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.58.

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.