Ycg LLC Sells 132 Shares of Adobe Inc. (NASDAQ:ADBE)

Ycg LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 0.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,776 shares of the software company’s stock after selling 132 shares during the period. Adobe accounts for 2.1% of Ycg LLC’s investment portfolio, making the stock its 20th biggest position. Ycg LLC’s holdings in Adobe were worth $25,430,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADBE. Vanguard Group Inc. raised its holdings in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% during 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 purchasing an additional 1,146,718 shares in the last quarter. Norges Bank bought a new position in Adobe in the fourth quarter worth about $3,277,785,000. Concentrum Wealth Management lifted its holdings in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the period. Finally, Brown Advisory Inc. boosted its position in Adobe by 5.4% during the 4th quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after acquiring an additional 122,738 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research report on Thursday, August 1st. Finally, TD Cowen cut their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $605.52.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the 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 completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the company’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 transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of Adobe stock traded down $4.52 on Friday, hitting $563.41. 2,096,790 shares of the company’s stock were exchanged, compared to its average volume of 3,173,966. 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 stock has a market capitalization of $249.82 billion, a PE ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a 50-day simple moving average of $553.72 and a 200-day simple moving average of $519.22.

Adobe (NASDAQ:ADBE) last released its quarterly 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 return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the company posted $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

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.