Railway Pension Investments Ltd Has $2 Million Position in Adobe Inc. (NASDAQ:ADBE)

Railway Pension Investments Ltd cut its stake in Adobe Inc. (NASDAQ:ADBE) by 29.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 3,600 shares of the software company’s stock after selling 1,500 shares during the quarter. Railway Pension Investments Ltd’s holdings in Adobe were worth $2,000,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Steph & Co. boosted its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Adobe during the second quarter worth $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 price objective on shares of Adobe in a report on Thursday, August 1st. Robert W. Baird boosted their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Sanford C. Bernstein upped their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Stock Up 0.8 %

NASDAQ ADBE traded up $4.56 on Tuesday, hitting $564.00. 325,555 shares of the company were exchanged, compared to its average volume of 3,221,651. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $250.08 billion, a PE ratio of 50.26, a PEG ratio of 2.85 and a beta of 1.30. The stock has a fifty day moving average of $546.89 and a 200-day moving average of $519.69.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the prior year, the firm earned $3.04 EPS. The business’s revenue was up 10.2% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

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.