Bryn Mawr Capital Management LLC Has $3.53 Million Position in Adobe Inc. (NASDAQ:ADBE)

Bryn Mawr Capital Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,345 shares of the software company’s stock after selling 24 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in Adobe were worth $3,525,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP grew its holdings in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB bought a new position in Adobe during the 1st quarter worth $621,179,000. Price T Rowe Associates Inc. MD raised its holdings in 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 worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP lifted its stake in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Sanford C. Bernstein boosted their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. KeyCorp boosted their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 0.8 %

Shares of ADBE stock traded up $4.78 during mid-day trading on Friday, hitting $574.41. 1,982,970 shares of the company’s stock were exchanged, compared to its average volume of 3,201,657. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a 50-day simple moving average of $549.50 and a two-hundred day simple moving average of $519.90. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $254.69 billion, a price-to-earnings ratio of 51.61, a PEG ratio of 2.85 and a beta of 1.30.

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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm earned $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts expect 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.