Adobe Inc. (NASDAQ:ADBE) Shares Sold by Portfolio Design Labs LLC

Portfolio Design Labs LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 23.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,951 shares of the software company’s stock after selling 1,226 shares during the quarter. Portfolio Design Labs LLC’s holdings in Adobe were worth $2,046,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB acquired a new stake in shares of Adobe during the 1st quarter worth about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in Adobe in the 2nd quarter valued at about $663,745,000. Price T Rowe Associates Inc. MD lifted its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP boosted its stake 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 buying an additional 575,675 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE opened at $499.61 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market cap of $219.93 billion, a PE ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The firm has a fifty day moving average price of $506.89 and a 200 day moving average price of $518.95.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.26 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. Company insiders own 0.15% of the company’s stock.

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.