Martingale Asset Management L P Sells 10,877 Shares of Adobe Inc. (NASDAQ:ADBE)

Martingale Asset Management L P decreased its position in Adobe Inc. (NASDAQ:ADBE) by 20.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,142 shares of the software company’s stock after selling 10,877 shares during the quarter. Martingale Asset Management L P’s holdings in Adobe were worth $21,820,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC raised its holdings in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the period. HTLF Bank grew its position in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC grew its position in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the last quarter. Orrstown Financial Services Inc. grew its position in Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC grew its position in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after acquiring an additional 20 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last ninety days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 2.2 %

Shares of ADBE opened at $513.68 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s 50 day moving average is $503.14 and its two-hundred day moving average is $519.72. The firm has a market cap of $226.12 billion, a P/E ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30.

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