Adobe Inc. (NASDAQ:ADBE) Shares Sold by Atalanta Sosnoff Capital LLC

Atalanta Sosnoff Capital LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 25.4% in the third quarter, HoldingsChannel reports. The fund owned 100,504 shares of the software company’s stock after selling 34,180 shares during the quarter. Adobe makes up 1.4% of Atalanta Sosnoff Capital LLC’s holdings, making the stock its 29th largest holding. Atalanta Sosnoff Capital LLC’s holdings in Adobe were worth $57,862,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ten Capital Wealth Advisors LLC lifted its holdings in Adobe by 5.9% in the 2nd quarter. Ten Capital Wealth Advisors LLC now owns 289 shares of the software company’s stock worth $169,000 after purchasing an additional 16 shares during the last quarter. Reilly Financial Advisors LLC increased its position in shares of Adobe by 1.2% during the second quarter. Reilly Financial Advisors LLC now owns 1,467 shares of the software company’s stock valued at $859,000 after purchasing an additional 17 shares during the period. Beaumont Financial Partners LLC increased its position in shares of Adobe by 1.0% during the second quarter. Beaumont Financial Partners LLC now owns 1,742 shares of the software company’s stock valued at $1,023,000 after purchasing an additional 17 shares during the period. EPG Wealth Management LLC increased its position in shares of Adobe by 1.6% during the second quarter. EPG Wealth Management LLC now owns 1,054 shares of the software company’s stock valued at $617,000 after purchasing an additional 17 shares during the period. Finally, Windward Capital Management Co. CA grew its position in Adobe by 1.2% in the second quarter. Windward Capital Management Co. CA now owns 1,477 shares of the software company’s stock valued at $865,000 after acquiring an additional 18 shares during the period. Institutional investors and hedge funds own 81.72% of the company’s stock.

In other Adobe news, EVP Gloria Chen sold 42 shares of the stock in a transaction dated Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total value of $27,498.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 40,000 shares of the stock in a transaction dated 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 sold 44,155 shares of company stock worth $27,445,489 in the last three months. Insiders own 0.23% of the company’s stock.

ADBE has been the topic of a number of analyst reports. Credit Suisse Group initiated coverage on Adobe in a research report on Tuesday, November 16th. They issued a “neutral” rating and a $700.00 price target on the stock. UBS Group upped their price target on Adobe from $625.00 to $690.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. BMO Capital Markets upped their price target on Adobe from $630.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, September 16th. Stifel Nicolaus upped their price target on Adobe from $725.00 to $750.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. Finally, Argus upped their price target on Adobe from $650.00 to $764.00 and gave the company a “buy” rating in a research report on Friday, September 3rd. Five analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $693.80.

Shares of ADBE opened at $668.32 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $420.78 and a 12-month high of $699.54. The firm has a market capitalization 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. The stock’s fifty day simple moving average is $630.58 and its 200-day simple moving average is $602.04.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the firm posted $2.12 earnings per share. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 10.52 EPS for the current year.

Adobe 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.

Further Reading: Cash Flow Analysis in Stock Selection

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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