Certuity LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Certuity LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 18.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,331 shares of the software company’s stock after selling 762 shares during the quarter. Certuity LLC’s holdings in Adobe were worth $1,850,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Acadian Asset Management LLC boosted its stake in shares of Adobe by 73.5% in the second quarter. Acadian Asset Management LLC now owns 46,929 shares of the software company’s stock worth $26,066,000 after buying an additional 19,876 shares during the last quarter. Delta Financial Advisors LLC boosted its stake in shares of Adobe by 6.9% in the second quarter. Delta Financial Advisors LLC now owns 1,192 shares of the software company’s stock worth $662,000 after buying an additional 77 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Adobe in the second quarter worth about $40,417,000. Umpqua Bank boosted its stake in shares of Adobe by 13.8% in the second quarter. Umpqua Bank now owns 2,939 shares of the software company’s stock worth $1,633,000 after buying an additional 356 shares during the last quarter. Finally, Oxbow Advisors LLC boosted its stake in shares of Adobe by 8.5% in the second quarter. Oxbow Advisors LLC now owns 21,655 shares of the software company’s stock worth $12,030,000 after buying an additional 1,690 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ADBE shares. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. BMO Capital Markets upped their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $605.52.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last quarter. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $563.41 on Friday. The business’s 50 day moving average price is $553.72 and its 200 day moving average price is $519.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 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 posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $3.04 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

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.