Wedge Capital Management L L P NC Sells 6,606 Shares of Adobe Inc. (NASDAQ:ADBE)

Wedge Capital Management L L P NC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.8% during the third quarter, HoldingsChannel.com reports. The fund owned 107,868 shares of the software company’s stock after selling 6,606 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Adobe were worth $62,102,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. OLD Mission Capital LLC acquired a new position in shares of Adobe during the third quarter valued at about $217,000. Gladstone Institutional Advisory LLC raised its holdings in shares of Adobe by 44.5% during the first quarter. Gladstone Institutional Advisory LLC now owns 1,251 shares of the software company’s stock valued at $595,000 after purchasing an additional 385 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Adobe by 22.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 48,933 shares of the software company’s stock valued at $23,262,000 after purchasing an additional 9,108 shares during the period. Pendal Group Limited raised its holdings in shares of Adobe by 3.9% during the first quarter. Pendal Group Limited now owns 16,361 shares of the software company’s stock valued at $7,777,000 after purchasing an additional 607 shares during the period. Finally, Capital Advisors Inc. OK raised its holdings in shares of Adobe by 95.2% during the first quarter. Capital Advisors Inc. OK now owns 943 shares of the software company’s stock valued at $448,000 after purchasing an additional 460 shares during the period. 81.72% of the stock is currently owned by institutional investors and hedge funds.

Shares of Adobe stock traded up $3.16 on Thursday, reaching $668.32. 2,426,171 shares of the company traded hands, compared to its average volume of 2,221,317. The company has a 50 day moving average of $630.58 and a 200 day moving average of $602.04. The firm has a market capitalization of $318.39 billion, a PE ratio of 55.28, a PEG ratio of 3.43 and a beta of 1.05. Adobe Inc. has a 52 week low of $420.78 and a 52 week high of $699.54. 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 released its quarterly earnings data 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 company had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.90 billion. Adobe had a net margin of 38.67% and a return on equity of 35.95%. Adobe’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period last year, the firm earned $2.12 EPS. As a group, analysts anticipate that Adobe Inc. will post 10.52 earnings per share for the current year.

Several equities analysts have recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Adobe from $610.00 to $736.00 and gave the company an “overweight” rating in a report on Wednesday, September 15th. They noted that the move was a valuation call. Citigroup upped their target price on shares of Adobe from $575.00 to $678.00 and gave the stock a “neutral” rating in a report on Wednesday, September 22nd. Guggenheim restated a “hold” rating on shares of Adobe in a report on Wednesday, September 22nd. Barclays upped their target price on shares of Adobe from $660.00 to $740.00 and gave the stock an “overweight” rating in a report on Thursday, September 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Adobe from $660.00 to $680.00 and gave the stock an “overweight” rating in a report on Wednesday, September 22nd. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $693.80.

In other Adobe news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction on Friday, September 24th. The shares were sold at an average price of $628.00, for a total transaction of $26,376.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,155 shares of company stock valued at $27,445,489. 0.23% of the stock is owned by insiders.

About Adobe

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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