Nelson Capital Management LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Nelson Capital Management LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,809 shares of the software company’s stock after selling 305 shares during the period. Nelson Capital Management LLC’s holdings in Adobe were worth $4,338,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ADBE. Vanguard Group Inc. grew its stake in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% in 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 buying an additional 1,146,718 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe in the 4th quarter worth $3,277,785,000. Concentrum Wealth Management lifted its holdings in shares of Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after acquiring an additional 244,008 shares during the last quarter. Finally, Brown Advisory Inc. lifted its holdings in shares of Adobe by 5.4% in the 4th quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock worth $1,424,799,000 after acquiring an additional 122,738 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Robert W. Baird raised their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Finally, KeyCorp lifted their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.86.

Insider Buying and Selling

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 shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were 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 in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on 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 owns 20,359 shares in the company, 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 worth $14,994,277 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 1.0 %

NASDAQ ADBE opened at $580.38 on Thursday. 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 firm has a market cap of $257.34 billion, a PE ratio of 52.15, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. The company has a 50 day moving average price of $554.26 and a 200 day moving average price of $519.89. Adobe Inc. has a 52 week low of $433.97 and a 52 week 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 the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.04 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

About Adobe

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.