ClariVest Asset Management LLC Sells 26,050 Shares of Adobe Inc. (NASDAQ:ADBE)

ClariVest Asset Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBEGet Rating) by 32.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,254 shares of the software company’s stock after selling 26,050 shares during the period. Adobe accounts for 0.8% of ClariVest Asset Management LLC’s holdings, making the stock its 24th biggest holding. ClariVest Asset Management LLC’s holdings in Adobe were worth $19,494,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. VELA Investment Management LLC boosted its holdings in Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in Adobe by 18.9% in the first quarter. IFM Investors Pty Ltd now owns 76,547 shares of the software company’s stock valued at $34,876,000 after acquiring an additional 12,188 shares during the last quarter. Bornite Capital Management LP purchased a new position in Adobe in the first quarter valued at about $15,947,000. IFG Advisory LLC boosted its stake in Adobe by 12.0% in the first quarter. IFG Advisory LLC now owns 997 shares of the software company’s stock valued at $454,000 after acquiring an additional 107 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its stake in Adobe by 12.2% in the first quarter. Clearstead Advisors LLC now owns 4,777 shares of the software company’s stock valued at $2,176,000 after acquiring an additional 520 shares during the last quarter. 80.75% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock traded up $4.90 during mid-day trading on Thursday, reaching $335.78. 2,240,777 shares of the company’s stock traded hands, compared to its average volume of 3,550,336. The firm has a market capitalization of $156.10 billion, a PE ratio of 33.11, a price-to-earnings-growth ratio of 2.33 and a beta of 1.26. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a 50 day moving average price of $304.16 and a two-hundred day moving average price of $364.58. Adobe Inc. has a 12 month low of $274.73 and a 12 month high of $694.89.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, September 15th. The software company reported $2.63 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.02). The company had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.44 billion. Adobe had a net margin of 28.00% and a return on equity of 36.49%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the company earned $2.65 EPS. On average, research analysts forecast that Adobe Inc. will post 11.11 EPS for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $294.54, for a total transaction of $38,879.28. Following the sale, the chief accounting officer now directly owns 2,596 shares in the company, valued at approximately $764,625.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $294.54, for a total value of $38,879.28. Following the sale, the chief accounting officer now directly owns 2,596 shares of the company’s stock, valued at approximately $764,625.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn bought 3,250 shares of Adobe stock in a transaction dated Thursday, September 22nd. The shares were bought at an average cost of $288.11 per share, for a total transaction of $936,357.50. Following the completion of the transaction, the chief financial officer now owns 8,948 shares of the company’s stock, valued at approximately $2,578,008.28. The disclosure for this purchase can be found here. In the last three months, insiders have sold 24,543 shares of company stock worth $7,690,103. 0.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Cowen dropped their price target on shares of Adobe from $520.00 to $400.00 and set an “outperform” rating on the stock in a research note on Friday, September 16th. Bank of America downgraded Adobe from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $450.00 to $350.00 in a research report on Friday, September 16th. Credit Suisse Group lowered their price target on Adobe from $350.00 to $325.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 19th. Moffett Nathanson assumed coverage on Adobe in a research report on Thursday, September 22nd. They set a “hold” rating and a $354.00 price target on the stock. Finally, Wells Fargo & Company downgraded Adobe from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $425.00 to $310.00 in a report on Monday, September 19th. Seventeen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Hold” and a consensus price target of $405.42.

About Adobe

(Get Rating)

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 Lightroom 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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