Court Place Advisors LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Court Place Advisors LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,572 shares of the software company’s stock after selling 50 shares during the period. Adobe makes up about 0.8% of Court Place Advisors LLC’s holdings, making the stock its 29th largest holding. Court Place Advisors LLC’s holdings in Adobe were worth $2,885,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. International Assets Investment Management LLC lifted its stake in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares during the period. Swedbank AB acquired a new position in Adobe in the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD purchased a new position in shares of Adobe during the 2nd quarter worth $663,745,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP grew its position in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.8 %

Shares of NASDAQ ADBE traded up $4.04 during midday trading on Friday, reaching $486.91. 359,040 shares of the company’s stock were exchanged, compared to its average volume of 3,180,429. The stock has a market capitalization of $215.90 billion, a PE ratio of 43.38, a price-to-earnings-growth ratio of 2.55 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 debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business’s fifty day moving average price is $532.85 and its two-hundred day moving average price is $515.83.

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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the company posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,030 shares of company stock worth $17,176,005 in the last ninety days. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADBE shares. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average 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.