Adobe Inc. (NASDAQ:ADBE) is DSM Capital Partners LLC’s 5th Largest Position

DSM Capital Partners LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 9.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 706,452 shares of the software company’s stock after selling 73,301 shares during the period. Adobe comprises about 5.6% of DSM Capital Partners LLC’s holdings, making the stock its 5th biggest position. DSM Capital Partners LLC’s holdings in Adobe were worth $345,448,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Marietta Wealth Management LLC increased its holdings in Adobe by 7.5% in the 2nd quarter. Marietta Wealth Management LLC now owns 13,870 shares of the software company’s stock worth $6,782,000 after buying an additional 969 shares during the period. Ilmarinen Mutual Pension Insurance Co increased its holdings in Adobe by 11.1% in the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock worth $19,269,000 after buying an additional 5,000 shares during the period. Scotia Capital Inc. increased its holdings in Adobe by 4.7% in the 2nd quarter. Scotia Capital Inc. now owns 126,816 shares of the software company’s stock worth $62,012,000 after buying an additional 5,663 shares during the period. Sovereign Financial Group Inc. acquired a new position in Adobe in the 2nd quarter worth approximately $1,020,000. Finally, Stiles Financial Services Inc increased its holdings in Adobe by 6.0% in the 2nd quarter. Stiles Financial Services Inc now owns 3,600 shares of the software company’s stock worth $1,760,000 after buying an additional 205 shares during the period. 80.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 116 shares of Adobe stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $533.56, for a total transaction of $61,892.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,163,585.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 116 shares of Adobe stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $533.56, for a total transaction of $61,892.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,163,585.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,127,658.50. The disclosure for this sale can be found here. Insiders have sold a total of 2,467 shares of company stock worth $1,337,400 in the last quarter. Company insiders own 0.24% of the company’s stock.

Adobe Price Performance

ADBE stock traded down $3.46 during midday trading on Tuesday, reaching $609.24. The stock had a trading volume of 335,693 shares, compared to its average volume of 3,089,521. The company’s fifty day simple moving average is $545.83 and its 200 day simple moving average is $502.47. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.23. The company has a market cap of $277.39 billion, a price-to-earnings ratio of 55.14, a price-to-earnings-growth ratio of 3.43 and a beta of 1.33. Adobe Inc. has a 52-week low of $318.60 and a 52-week high of $615.57.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.63 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 12.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ADBE shares. Morgan Stanley upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $510.00 to $660.00 in a report on Monday, July 31st. UBS Group raised their price objective on shares of Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 6th. Wolfe Research raised their price objective on shares of Adobe from $580.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. BMO Capital Markets raised their price objective on shares of Adobe from $645.00 to $670.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Seven equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $603.22.

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.