Connable Office Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Connable Office Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 35.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,712 shares of the software company’s stock after selling 2,054 shares during the period. Connable Office Inc.’s holdings in Adobe were worth $2,062,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in shares of Adobe during the 4th quarter valued at about $1,468,000. Concentrum Wealth Management grew its stake in shares of Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the period. Aveo Capital Partners LLC increased its holdings in shares of Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after buying an additional 52 shares during the last quarter. Gryphon Financial Partners LLC raised its position in shares of Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after buying an additional 658 shares during the period. Finally, AGF Management Ltd. lifted its holdings in Adobe by 0.4% in the fourth quarter. AGF Management Ltd. now owns 8,182 shares of the software company’s stock valued at $4,881,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last three months, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE opened at $571.82 on Monday. The company has a market capitalization of $253.54 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $553.72 and a 200 day moving average price of $519.08.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the prior year, the business posted $3.04 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp boosted their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 target price on shares of Adobe in a research note on Thursday, August 1st. Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Finally, JMP Securities restated 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 assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $605.52.

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.