1832 Asset Management L.P. Has $37.31 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

1832 Asset Management L.P. lowered its position in Adobe Inc. (NASDAQ:ADBE) by 78.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,942 shares of the software company’s stock after selling 272,877 shares during the period. 1832 Asset Management L.P.’s holdings in Adobe were worth $37,311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $3,277,785,000. Wellington Management Group LLP grew its position in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Adobe during the fourth quarter worth $875,592,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of ADBE stock traded up $10.29 during trading hours on Friday, reaching $542.44. 2,090,007 shares of the company were exchanged, compared to its average volume of 2,424,248. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $240.52 billion, a price-to-earnings ratio of 48.74, a P/E/G ratio of 2.78 and a beta of 1.30. The stock’s fifty day moving average is $516.90 and its two-hundred day moving average is $530.38.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company earned $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays raised their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Stifel Nicolaus reduced their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $603.33.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on 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 $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related 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 directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,236 shares of company stock valued at $16,281,053. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.