Prudential PLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Prudential PLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 37.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,744 shares of the software company’s stock after selling 28,807 shares during the quarter. Prudential PLC’s holdings in Adobe were worth $26,524,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ADBE. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the second quarter worth $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Oppenheimer increased their price target on shares of Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Citigroup dropped their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday. Finally, Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $605.52.

Adobe Trading Up 1.5 %

ADBE opened at $571.82 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 company’s 50 day simple moving average is $553.72 and its two-hundred day simple moving average is $519.08. The firm has a market capitalization of $253.54 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the prior year, the business earned $3.04 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 264 shares of the firm’s 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 owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were 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 owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s 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 disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last ninety days. Company insiders own 0.15% of the company’s stock.

About Adobe

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.