Adobe Inc. (NASDAQ:ADBE) Stock Position Reduced by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,596 shares of the software company’s stock after selling 520 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Adobe were worth $4,969,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. increased its position in Adobe by 2.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 48,533 shares of the software company’s stock worth $25,129,000 after acquiring an additional 1,041 shares during the period. Metis Global Partners LLC increased its position in Adobe by 1.1% during the third quarter. Metis Global Partners LLC now owns 26,727 shares of the software company’s stock worth $13,839,000 after acquiring an additional 280 shares during the period. Curi RMB Capital LLC increased its position in Adobe by 2.2% during the third quarter. Curi RMB Capital LLC now owns 17,983 shares of the software company’s stock worth $9,311,000 after acquiring an additional 385 shares during the period. Aubrey Capital Management Ltd increased its position in Adobe by 16.4% during the third quarter. Aubrey Capital Management Ltd now owns 737 shares of the software company’s stock worth $382,000 after acquiring an additional 104 shares during the period. Finally, Zions Bancorporation N.A. increased its position in Adobe by 5.2% during the third quarter. Zions Bancorporation N.A. now owns 8,146 shares of the software company’s stock worth $4,218,000 after acquiring an additional 399 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 1.1 %

NASDAQ ADBE traded down $5.75 on Thursday, reaching $526.75. The company had a trading volume of 157,195 shares, compared to its average volume of 3,152,336. The stock has a market capitalization of $231.88 billion, a P/E ratio of 44.97, a P/E/G ratio of 2.71 and a beta of 1.30. The company’s fifty day moving average is $511.75 and its 200 day moving average is $517.67. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. Sell-side analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

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.