Blue Whale Capital LLP Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Blue Whale Capital LLP trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 61.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,601 shares of the software company’s stock after selling 34,055 shares during the quarter. Adobe comprises 0.9% of Blue Whale Capital LLP’s portfolio, making the stock its 20th largest position. Blue Whale Capital LLP’s holdings in Adobe were worth $11,185,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter worth approximately $30,000. Summit Securities Group LLC purchased a new stake in Adobe during the second quarter worth approximately $33,000. Briaud Financial Planning Inc purchased a new stake in Adobe during the third quarter worth approximately $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in Adobe during the third quarter worth approximately $38,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated 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. This represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % 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 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.5 %

Adobe stock opened at $512.15 on Monday. The company has a 50-day simple moving average of $503.13 and a 200-day simple moving average of $519.25. The firm has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a P/E/G ratio of 2.64 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

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 analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

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.