Adobe Inc. (NASDAQ:ADBE) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the third quarter, HoldingsChannel.com reports. The firm owned 465,283 shares of the software company’s stock after selling 6,349 shares during the period. Victory Capital Management Inc.’s holdings in Adobe were worth $240,914,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC grew its position in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after buying an additional 1,412 shares during the last quarter. Crestwood Advisors Group LLC boosted its stake in shares of Adobe by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after acquiring an additional 1,464 shares in the last quarter. Anchor Investment Management LLC grew its holdings in shares of Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Fairscale Capital LLC purchased a new stake in shares of Adobe during the second quarter valued at $1,318,000. Finally, Hemenway Trust Co LLC boosted its position in shares of Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 4.0 %

NASDAQ:ADBE traded up $20.20 during trading hours on Tuesday, hitting $524.68. The stock had a trading volume of 1,638,374 shares, compared to its average volume of 3,153,206. The business’s 50 day moving average is $513.50 and its 200-day moving average is $517.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $230.96 billion, a price-to-earnings ratio of 42.61, a P/E/G ratio of 2.55 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

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

Adobe Company 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.