Pendal Group Ltd Sells 20,986 Shares of Adobe Inc (NASDAQ:ADBE)
Pendal Group Ltd decreased its stake in Adobe Inc (NASDAQ:ADBE) by 22.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 71,505 shares of the software company’s stock after selling 20,986 shares during the quarter. Pendal Group Ltd’s holdings in Adobe were worth $21,069,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Marquette Asset Management LLC grew its holdings in Adobe by 114.3% during the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after purchasing an additional 48 shares during the period. JNBA Financial Advisors lifted its position in Adobe by 666.7% during the second 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 last quarter. Manchester Financial Inc. acquired a new stake in Adobe during the second quarter worth approximately $28,000. Buffington Mohr McNeal acquired a new stake in shares of Adobe in the first quarter valued at approximately $26,000. Finally, Ellis Investment Partners LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $30,000. Institutional investors own 86.37% of the company’s stock.
A number of research firms have recently weighed in on ADBE. Credit Suisse Group lifted their price target on shares of Adobe from $300.00 to $325.00 and gave the company a “positive” rating in a research report on Wednesday, June 19th. Morgan Stanley upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $282.00 to $340.00 in a research report on Monday, April 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $295.00 price target on shares of Adobe in a research report on Wednesday, June 19th. BMO Capital Markets lifted their price target on shares of Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research report on Wednesday, June 19th. Finally, Wedbush lifted their price target on shares of Adobe from $270.00 to $290.00 and gave the company a “neutral” rating in a research report on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $301.69.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the previous year, the firm posted $1.66 earnings per share. Adobe’s revenue for the quarter was up 25.0% on a year-over-year basis. Analysts predict that Adobe Inc will post 6.3 EPS for the current fiscal year.
In related news, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the completion of the transaction, 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. In the last three months, insiders sold 29,627 shares of company stock worth $8,638,724. 0.32% of the stock is currently owned by insiders.
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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