Adobe Inc. (NASDAQ:ADBE) Shares Sold by Blueshift Asset Management LLC

Blueshift Asset Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,287 shares of the software company’s stock after selling 951 shares during the period. Blueshift Asset Management LLC’s holdings in Adobe were worth $1,184,000 as of its most recent SEC filing.

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

Adobe Trading Up 1.3 %

Shares of NASDAQ:ADBE opened at $525.30 on Wednesday. The firm has a fifty day moving average of $503.28 and a two-hundred day moving average of $519.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $231.24 billion, a P/E ratio of 44.37, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. On average, equities analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the 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 sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ADBE shares. Stifel Nicolaus lifted their price target 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. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. 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 note on Friday, September 13th. UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.