Candriam S.C.A. Has $35.76 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Candriam S.C.A. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 53.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,379 shares of the software company’s stock after selling 74,550 shares during the period. Candriam S.C.A.’s holdings in Adobe were worth $35,763,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe during the 2nd quarter valued at $33,000. Steph & Co. boosted its stake in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the second quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $563.41 on Friday. The company has a 50 day moving average of $553.72 and a 200 day moving average of $519.38. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) 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 the consensus estimate of $5.29 billion. During the same quarter last year, the business posted $3.04 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe 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 in the company, valued at $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was 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 owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Robert W. Baird increased their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Mizuho restated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

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.