Adobe Inc. (NASDAQ:ADBE) Stake Lessened by BlackRock Inc.

BlackRock Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 35,552,254 shares of the software company’s stock after selling 2,127,478 shares during the quarter. Adobe accounts for about 0.6% of BlackRock Inc.’s portfolio, making the stock its 21st largest holding. BlackRock Inc. owned 0.07% of Adobe worth $20,820,821,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Adobe by 0.8% during the first quarter. Bank of New York Mellon Corp now owns 8,574,479 shares of the software company’s stock worth $4,076,052,000 after buying an additional 65,913 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Adobe by 1.3% during the first quarter. Geode Capital Management LLC now owns 8,050,718 shares of the software company’s stock worth $3,817,245,000 after buying an additional 103,574 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Adobe by 7.8% during the first quarter. Janus Henderson Group PLC now owns 7,268,925 shares of the software company’s stock worth $3,455,410,000 after buying an additional 527,558 shares in the last quarter. Morgan Stanley boosted its holdings in Adobe by 0.7% during the first quarter. Morgan Stanley now owns 6,759,931 shares of the software company’s stock worth $3,213,467,000 after buying an additional 45,108 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Adobe by 3.5% in the 2nd quarter. Fisher Asset Management LLC now owns 6,206,330 shares of the software company’s stock valued at $3,634,676,000 after acquiring an additional 208,730 shares in the last quarter. Hedge funds and other institutional investors own 81.67% of the company’s stock.

Shares of Adobe stock traded down $10.76 during midday trading on Monday, reaching $643.72. 35,345 shares of the company’s stock traded hands, compared to its average volume of 2,193,604. The company has a market cap of $306.67 billion, a price-to-earnings ratio of 55.71, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97. The company’s 50 day simple moving average is $637.10 and its 200 day simple moving average is $552.81. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. Adobe Inc. has a 52 week low of $420.78 and a 52 week high of $673.88.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.81 by $0.22. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.73 billion. Adobe had a net margin of 38.79% and a return on equity of 35.94%. Adobe’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.45 EPS. As a group, equities research analysts predict that Adobe Inc. will post 10.28 earnings per share for the current year.

ADBE has been the subject of several research analyst reports. Evercore ISI upped their price target on shares of Adobe from $550.00 to $625.00 and gave the company an “outperform” rating in a research report on Friday, June 18th. Argus upped their price target on shares of Adobe from $650.00 to $764.00 and gave the company a “buy” rating in a research report on Friday, September 3rd. Citigroup upped their price target on shares of Adobe from $523.00 to $575.00 and gave the company a “neutral” rating in a research report on Friday, June 18th. JPMorgan Chase & Co. upped their price target on shares of Adobe from $595.00 to $660.00 and gave the company an “overweight” rating in a research report on Friday, June 18th. Finally, Stifel Nicolaus upped their price target on shares of Adobe from $675.00 to $725.00 and gave the company a “buy” rating in a research report on Tuesday, September 7th. Four investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $655.09.

In related news, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $659.63, for a total value of $27,704.46. Following the transaction, the executive vice president now directly owns 11,831 shares in the company, valued at approximately $7,804,082.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John E. Warnock sold 6,000 shares of the firm’s stock in a transaction on Tuesday, June 22nd. The shares were sold at an average price of $568.40, for a total transaction of $3,410,400.00. Following the completion of the transaction, the director now owns 18,882 shares in the company, valued at $10,732,528.80. The disclosure for this sale can be found here. Insiders have sold a total of 10,530 shares of company stock worth $6,116,292 in the last 90 days. 0.23% of the stock is owned by insiders.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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