Stonnington Group LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Stonnington Group LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 36.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,942 shares of the software company’s stock after selling 1,111 shares during the quarter. Stonnington Group LLC’s holdings in Adobe were worth $844,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Investment Research & Advisory Group Inc. boosted its stake in shares of Adobe by 2,350.0% during the fourth quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock valued at $28,000 after purchasing an additional 47 shares during the period. Clear Investment Research LLC boosted its position in Adobe by 120.0% in the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock valued at $31,000 after buying an additional 30 shares during the period. Blue Bell Private Wealth Management LLC bought a new position in Adobe in the 4th quarter worth about $33,000. Benjamin Edwards Inc. bought a new position in Adobe in the 4th quarter worth about $35,000. Finally, Delos Wealth Advisors LLC grew its stake in Adobe by 169.6% in the 4th quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after acquiring an additional 39 shares in the last quarter. 82.54% of the stock is owned by institutional investors.

NASDAQ ADBE opened at $365.33 on Thursday. The company has a fifty day simple moving average of $403.52 and a two-hundred day simple moving average of $467.67. The stock has a market cap of $172.62 billion, a P/E ratio of 35.68, a P/E/G ratio of 1.98 and a beta of 1.08. Adobe Inc. has a 12-month low of $338.00 and a 12-month high of $699.54. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.04. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same period in the previous year, the company earned $2.56 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 10.98 earnings per share for the current year.

In related news, Director John E. Warnock sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the completion of the transaction, the director now owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,750 shares of the firm’s stock in a transaction on Friday, March 25th. The stock was sold at an average price of $435.44, for a total transaction of $1,197,460.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,075 shares of company stock valued at $4,596,246. Corporate insiders own 0.23% of the company’s stock.

A number of equities analysts have commented on ADBE shares. Stifel Nicolaus dropped their target price on shares of Adobe from $600.00 to $500.00 in a research note on Friday, June 17th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $645.00 to $540.00 in a research note on Wednesday, March 23rd. Robert W. Baird dropped their target price on shares of Adobe from $550.00 to $450.00 and set an “outperform” rating on the stock in a research note on Friday, June 17th. Bank of America dropped their target price on shares of Adobe from $560.00 to $450.00 and set a “buy” rating on the stock in a research note on Friday, June 17th. Finally, BNP Paribas started coverage on shares of Adobe in a research note on Tuesday, March 29th. They issued an “outperform” rating and a $570.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $489.31.

About Adobe (Get Rating)

Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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