Gardner Lewis Asset Management L P Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Gardner Lewis Asset Management L P lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 35.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,078 shares of the software company’s stock after selling 2,229 shares during the quarter. Gardner Lewis Asset Management L P’s holdings in Adobe were worth $2,265,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Concentrum Wealth Management lifted its position in shares of Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ADBE shares. Robert W. Baird increased their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Finally, Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.58.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $515.03 on Wednesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s 50-day moving average is $551.66 and its 200 day moving average is $519.07. The stock has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

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

Adobe Company 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.