TOMS Capital Investment Management LP Sells 3,431 Shares of Adobe Inc. (NASDAQ:ADBE)

TOMS Capital Investment Management LP decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 207,569 shares of the software company’s stock after selling 3,431 shares during the period. Adobe makes up approximately 4.0% of TOMS Capital Investment Management LP’s portfolio, making the stock its 5th largest position. TOMS Capital Investment Management LP’s holdings in Adobe were worth $107,475,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. International Assets Investment Management LLC grew its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in Adobe in the 2nd quarter worth $663,745,000. FMR LLC grew its position in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Liberty Wealth Management LLC grew its position in Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its position in Adobe by 982.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after purchasing an additional 491,627 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 0.4 %

Shares of ADBE stock opened at $515.93 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $227.11 billion, a P/E ratio of 43.58, a P/E/G ratio of 2.66 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a 50-day moving average price of $503.01 and a 200 day moving average price of $520.50.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $3.26 EPS. Research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ADBE shares. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

About Adobe

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.