Newfound Research LLC Sells 29 Shares of Adobe Inc. (NASDAQ:ADBE)

Newfound Research LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 17.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138 shares of the software company’s stock after selling 29 shares during the quarter. Newfound Research LLC’s holdings in Adobe were worth $79,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its position in shares of Adobe by 0.7% during the second quarter. FMR LLC now owns 23,568,183 shares of the software company’s stock worth $13,802,471,000 after purchasing an additional 165,449 shares in the last quarter. State Street Corp lifted its position in Adobe by 0.6% in the 2nd quarter. State Street Corp now owns 18,951,950 shares of the software company’s stock valued at $11,099,020,000 after acquiring an additional 111,828 shares in the last quarter. Geode Capital Management LLC lifted its position in Adobe by 2.5% in the 2nd quarter. Geode Capital Management LLC now owns 8,253,684 shares of the software company’s stock valued at $4,820,799,000 after acquiring an additional 202,966 shares in the last quarter. Morgan Stanley lifted its position in Adobe by 4.0% in the 2nd quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock valued at $4,115,275,000 after acquiring an additional 267,038 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in Adobe by 3.1% in the 2nd quarter. Jennison Associates LLC now owns 6,639,024 shares of the software company’s stock valued at $3,888,078,000 after acquiring an additional 202,148 shares in the last quarter. 81.72% of the stock is currently owned by institutional investors.

In related news, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction on Friday, September 24th. The shares were sold at an average price of $628.00, for a total value of $26,376.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 40,000 shares of the firm’s stock in a transaction on Friday, September 24th. The shares were sold at an average price of $620.26, for a total value of $24,810,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,155 shares of company stock worth $27,445,489 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Adobe from $660.00 to $680.00 and gave the company an “overweight” rating in a research report on Wednesday, September 22nd. Oppenheimer lifted their price target on shares of Adobe from $600.00 to $680.00 and gave the company an “outperform” rating in a research note on Wednesday, September 22nd. Jefferies Financial Group raised their price objective on Adobe from $750.00 to $760.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. Mizuho reaffirmed a “buy” rating and issued a $695.00 price objective (up from $640.00) on shares of Adobe in a research report on Friday, September 17th. Finally, Argus raised their price objective on Adobe from $650.00 to $764.00 and gave the company a “buy” rating in a research report on Friday, September 3rd. Five equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $693.80.

Shares of NASDAQ ADBE traded up $3.16 during mid-day trading on Thursday, hitting $668.32. 2,426,171 shares of the stock traded hands, compared to its average volume of 2,221,317. The company has a market cap of $318.39 billion, a PE ratio of 55.28, a price-to-earnings-growth ratio of 3.43 and a beta of 1.05. Adobe Inc. has a twelve month low of $420.78 and a twelve month high of $699.54. The firm has a 50 day simple moving average of $630.58 and a two-hundred day simple moving average of $602.04. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.39 and a quick ratio of 1.39.

Adobe (NASDAQ:ADBE) last announced its earnings results on Monday, September 20th. The software company reported $3.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.10. The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.90 billion. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.12 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 10.52 earnings per share for the current fiscal year.

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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