D Orazio & Associates Inc. Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

D Orazio & Associates Inc. cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 15.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,150 shares of the software company’s stock after selling 210 shares during the period. D Orazio & Associates Inc.’s holdings in Adobe were worth $639,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter worth $3,277,785,000. Wellington Management Group LLP grew its holdings in 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 acquiring an additional 1,870,307 shares during the period. Swedbank AB acquired a new stake in Adobe during the first quarter worth about $621,179,000. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during the first 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 acquiring an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP grew its holdings in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADBE shares. KeyCorp increased 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. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Melius Research restated a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.86.

Adobe Stock Performance

Adobe stock opened at $580.38 on Thursday. The stock has a market cap of $257.34 billion, a PE ratio of 52.15, a P/E/G ratio of 2.94 and a beta of 1.29. 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 business’s 50-day moving average price is $554.26 and its two-hundred day moving average price is $519.89. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

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

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the company’s 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 directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by company insiders.

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.