Russell Investments Group Ltd. Reduces Holdings in Adobe Inc (NASDAQ:ADBE)

Russell Investments Group Ltd. lessened its stake in Adobe Inc (NASDAQ:ADBE) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 848,676 shares of the software company’s stock after selling 21,583 shares during the period. Adobe comprises about 0.5% of Russell Investments Group Ltd.’s investment portfolio, making the stock its 27th largest position. Russell Investments Group Ltd. owned approximately 0.17% of Adobe worth $249,801,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Adobe by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock worth $198,698,000 after purchasing an additional 13,421 shares during the period. Pettyjohn Wood & White Inc. increased its holdings in shares of Adobe by 1.5% in the first quarter. Pettyjohn Wood & White Inc. now owns 5,317 shares of the software company’s stock worth $1,417,000 after purchasing an additional 80 shares during the last quarter. Arrow Financial Corp increased its holdings in shares of Adobe by 19.1% in the first quarter. Arrow Financial Corp now owns 5,979 shares of the software company’s stock worth $1,592,000 after purchasing an additional 960 shares during the last quarter. CENTRAL TRUST Co increased its holdings in shares of Adobe by 18.2% in the first quarter. CENTRAL TRUST Co now owns 14,984 shares of the software company’s stock worth $3,994,000 after purchasing an additional 2,307 shares during the last quarter. Finally, FTB Advisors Inc. increased its holdings in shares of Adobe by 4.2% in the first quarter. FTB Advisors Inc. now owns 2,376 shares of the software company’s stock worth $632,000 after purchasing an additional 96 shares during the last quarter. Institutional investors and hedge funds own 86.39% of the company’s stock.

Shares of NASDAQ ADBE traded down $3.06 during mid-day trading on Friday, hitting $283.57. The stock had a trading volume of 1,380,420 shares, compared to its average volume of 2,333,080. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. The company has a 50 day moving average of $296.88 and a two-hundred day moving average of $279.56. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11. The firm has a market cap of $140.51 billion, a PE ratio of 51.09, a PEG ratio of 2.63 and a beta of 1.08.

Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the prior year, the firm earned $1.66 EPS. The firm’s revenue was up 25.0% on a year-over-year basis. Equities research analysts predict that Adobe Inc will post 6.3 EPS for the current fiscal year.

In other news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the sale, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at approximately $16,777,446. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles M. Geschke sold 13,795 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. Insiders have sold a total of 29,627 shares of company stock worth $8,697,224 over the last ninety days. 0.32% of the stock is owned by insiders.

Several brokerages have weighed in on ADBE. JPMorgan Chase & Co. boosted their price objective on Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. BidaskClub cut Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Credit Suisse Group upped their target price on Adobe from $300.00 to $325.00 and gave the company a “positive” rating in a research note on Wednesday, June 19th. Stephens raised Adobe from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $288.00 to $327.00 in a research note on Wednesday, June 19th. Finally, Barclays upped their target price on Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, June 19th. Nine analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Adobe presently has an average rating of “Buy” and an average price target of $301.69.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Further Reading: Net Margin – Understanding the Different Kinds of Profit

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

 


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