Ithaka Group LLC Sells 1,076 Shares of Adobe Inc. (NASDAQ:ADBE)

Ithaka Group LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 3.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,517 shares of the software company’s stock after selling 1,076 shares during the quarter. Adobe makes up about 3.2% of Ithaka Group LLC’s holdings, making the stock its 12th biggest position. Ithaka Group LLC’s holdings in Adobe were worth $17,509,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD increased 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 worth $3,857,189,000 after buying an additional 1,146,718 shares during the period. Concentrum Wealth Management increased its position in Adobe by 11.3% in the 4th 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. Wellington Management Group LLP lifted its holdings in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after acquiring an additional 12,065 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe 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 in the company, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 8.5 %

Shares of NASDAQ:ADBE opened at $536.87 on Monday. 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 stock has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a 50 day moving average of $553.76 and a 200-day moving average of $519.73. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Robert W. Baird lifted their price objective on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Oppenheimer restated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday. Mizuho reissued a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

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.