RMB Capital Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 7.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,952 shares of the software company's stock after selling 375 shares during the period. RMB Capital Management LLC's holdings in Adobe were worth $2,256,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 0.5% during the 4th quarter. Tradewinds Capital Management LLC now owns 9,768 shares of the software company's stock valued at $5,539,000 after acquiring an additional 53 shares in the last quarter. Meridian Wealth Advisors LLC boosted its holdings in shares of Adobe by 3.7% during the 4th quarter. Meridian Wealth Advisors LLC now owns 3,997 shares of the software company's stock valued at $2,267,000 after acquiring an additional 144 shares in the last quarter. Goodman Advisory Group LLC acquired a new stake in shares of Adobe during the 4th quarter valued at $5,970,000. Pinnacle Associates Ltd. boosted its holdings in shares of Adobe by 1.5% during the 4th quarter. Pinnacle Associates Ltd. now owns 31,033 shares of the software company's stock valued at $17,598,000 after acquiring an additional 445 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of Adobe by 4.0% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,042 shares of the software company's stock valued at $14,767,000 after acquiring an additional 996 shares in the last quarter. Institutional investors own 82.54% of the company's stock.
Get Adobe alerts:Insider Transactions at Adobe
In other news, CMO Ann Lewnes sold 794 shares of the company's stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $400.00, for a total value of $317,600.00. Following the transaction, the chief marketing officer now owns 23,988 shares of the company's stock, valued at $9,595,200. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CMO Ann Lewnes sold 794 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total value of $317,600.00. Following the transaction, the chief marketing officer now owns 23,988 shares of the company's stock, valued at $9,595,200. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the firm's stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now directly owns 2,465 shares in the company, valued at $1,010,033.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,637 shares of company stock valued at $1,438,682. 0.23% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
ADBE has been the topic of several recent research reports. Robert W. Baird cut their target price on Adobe from $550.00 to $450.00 and set an "outperform" rating on the stock in a report on Friday, June 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on Adobe from $575.00 to $500.00 in a research note on Friday, June 17th. Credit Suisse Group dropped their price objective on Adobe from $525.00 to $425.00 and set a "neutral" rating on the stock in a research note on Friday, June 17th. Wolfe Research dropped their price objective on Adobe from $500.00 to $400.00 and set an "outperform" rating on the stock in a research note on Friday, June 17th. Finally, Morgan Stanley lowered Adobe from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $591.00 to $362.00 in a research report on Tuesday, June 21st. Six research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $489.31.Adobe Trading Up 1.4 %
NASDAQ:ADBE opened at $430.59 on Friday. The company has a market cap of $201.52 billion, a P/E ratio of 42.05, a P/E/G ratio of 2.34 and a beta of 1.12. The stock's fifty day moving average price is $392.89 and its two-hundred day moving average price is $428.29. Adobe Inc. has a 1 year low of $338.00 and a 1 year high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07.
Adobe (NASDAQ:ADBE – Get Rating) last released its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.05. The firm had revenue of $4.39 billion for the quarter, compared to analysts' expectations of $4.34 billion. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same quarter in the prior year, the firm posted $2.56 earnings per share. As a group, analysts expect that Adobe Inc. will post 10.99 EPS for the current year.
About Adobe
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Adobe Inc 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.
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