Twin Capital Management Inc. Trims Stock Position in Adobe Inc (NASDAQ:ADBE)

Twin Capital Management Inc. reduced its stake in shares of Adobe Inc (NASDAQ:ADBE) by 32.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,640 shares of the software company’s stock after selling 22,423 shares during the quarter. Adobe makes up about 1.0% of Twin Capital Management Inc.’s holdings, making the stock its 23rd biggest holding. Twin Capital Management Inc.’s holdings in Adobe were worth $14,037,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Buffington Mohr McNeal purchased a new stake in Adobe during the 1st quarter valued at about $26,000. Marquette Asset Management LLC raised its stake in Adobe by 114.3% during the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after acquiring an additional 48 shares during the period. JNBA Financial Advisors raised its stake in Adobe by 666.7% during the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after acquiring an additional 80 shares during the period. Manchester Financial Inc. bought a new stake in Adobe during the 2nd quarter worth approximately $28,000. Finally, Ellis Investment Partners LLC bought a new stake in Adobe during the 2nd quarter worth approximately $30,000. 86.37% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Charles M. Geschke sold 13,795 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total value of $861,000.00. Following the sale, the executive vice president now owns 58,458 shares in the company, valued at approximately $16,777,446. The disclosure for this sale can be found here. Insiders have sold 26,627 shares of company stock worth $7,829,264 in the last 90 days. Insiders own 0.32% of the company’s stock.



A number of equities research analysts have commented on ADBE shares. Wells Fargo & Co restated a “hold” rating and set a $275.00 target price (up previously from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Wedbush raised their target price on shares of Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Canaccord Genuity raised their target price on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Stephens raised shares of Adobe from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $288.00 to $327.00 in a report on Wednesday, June 19th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, June 19th. Nine research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $301.69.

ADBE traded down $1.01 on Thursday, hitting $282.65. The company had a trading volume of 55,218 shares, compared to its average volume of 2,226,893. The company has a fifty day simple moving average of $301.06. Adobe Inc has a 12-month low of $204.95 and a 12-month high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $140.12 billion, a PE ratio of 50.95, a price-to-earnings-growth ratio of 2.62 and a beta of 1.08.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the previous year, the firm earned $1.66 earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. On average, research analysts forecast that Adobe Inc will post 6.3 earnings per share for the current fiscal year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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