GAM Holding AG Sells 11,138 Shares of Adobe Inc. (NASDAQ:ADBE)

GAM Holding AG reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 39.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 16,798 shares of the software company’s stock after selling 11,138 shares during the quarter. GAM Holding AG’s holdings in Adobe were worth $8,698,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after purchasing an additional 15,685 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Adobe by 12.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $493.11 on Wednesday. The company has a market cap of $218.64 billion, a PE ratio of 44.30, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick 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 stock has a 50-day moving average price of $533.94 and a 200-day moving average price of $516.05.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have assigned 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 currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,608 shares of company stock valued at $17,486,391. Corporate insiders own 0.15% of the company’s stock.

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.