Varma Mutual Pension Insurance Co lowered its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 8.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,649 shares of the software company’s stock after selling 7,474 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Adobe were worth $43,137,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. International Assets Investment Management LLC acquired a new position in Adobe in the fourth quarter valued at approximately $1,468,000. Concentrum Wealth Management grew its position in shares of Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the period. Aveo Capital Partners LLC increased its stake in shares of Adobe by 5.9% in the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares in the last quarter. Gryphon Financial Partners LLC raised its holdings in Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the period. Finally, AGF Management Ltd. boosted its position in Adobe by 0.4% during the fourth quarter. AGF Management Ltd. now owns 8,182 shares of the software company’s stock worth $4,881,000 after purchasing an additional 34 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.
Adobe Stock Down 0.8 %
NASDAQ:ADBE traded down $4.52 during mid-day trading on Friday, hitting $563.41. The stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a 50-day simple moving average of $553.72 and a two-hundred day simple moving average of $519.22. 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 capitalization of $249.82 billion, a PE ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.29.
Insider Activity at Adobe
In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the 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 sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last ninety days. Insiders own 0.15% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on ADBE shares. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. KeyCorp boosted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Finally, TD Cowen reduced their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $605.52.
Read Our Latest Stock Analysis on Adobe
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.
See Also
- Five stocks we like better than Adobe
- 3 Must-Buy Warren Buffett Stocks for Volatile Times
- GE Vernova’s Rally Could Continue as Wind Business Gains Ground
- How Can Investors Benefit From After-Hours Trading
- DraftKings vs. DoubleDown: Growth in the Online Gambling Boom
- What Makes a Stock a Good Dividend Stock?
- Join UiPath’s AI Surge and Catch the Coming Stock Price Reversal
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.