Wolff Wiese Magana LLC Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Wolff Wiese Magana LLC cut its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 7.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,404 shares of the software company’s stock after selling 108 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Adobe were worth $514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter valued at $2,378,829,000. Castleview Partners LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $3,260,000. Flossbach Von Storch AG raised its position in shares of Adobe by 232.6% during the 1st quarter. Flossbach Von Storch AG now owns 1,800,423 shares of the software company’s stock valued at $820,309,000 after buying an additional 1,259,101 shares in the last quarter. Polen Capital Management LLC raised its position in shares of Adobe by 22.5% during the 1st quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock valued at $3,035,586,000 after buying an additional 1,222,654 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Adobe by 3.3% during the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after buying an additional 1,212,093 shares in the last quarter. 80.75% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 1.7 %

NASDAQ:ADBE traded down $4.90 during mid-day trading on Friday, hitting $282.16. 160,732 shares of the company’s stock were exchanged, compared to its average volume of 5,011,590. Adobe Inc. has a one year low of $280.06 and a one year high of $699.54. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.14 and a quick ratio of 1.07. The business has a fifty day moving average price of $389.95 and a 200 day moving average price of $403.64. The company has a market cap of $132.05 billion, a PE ratio of 28.02, a P/E/G ratio of 1.92 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 EPS for the quarter, topping the consensus estimate of $3.33 by $0.07. Adobe had a net margin of 28.00% and a return on equity of 36.49%. The business had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.44 billion. During the same quarter in the previous year, the firm posted $2.65 earnings per share. Adobe’s quarterly revenue was up 12.6% on a year-over-year basis. Equities analysts predict that Adobe Inc. will post 11.1 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Daniel Durn bought 3,250 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was acquired at an average cost of $288.11 per share, with a total value of $936,357.50. Following the completion of the acquisition, the chief financial officer now owns 8,948 shares of the company’s stock, valued at $2,578,008.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn bought 3,250 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was purchased at an average cost of $288.11 per share, with a total value of $936,357.50. Following the completion of the acquisition, the chief financial officer now directly 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. Over the last ninety days, insiders sold 3,769 shares of company stock valued at $1,477,562. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. KGI Securities initiated coverage on shares of Adobe in a research report on Friday, September 2nd. They set a “neutral” rating on the stock. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday. Credit Suisse Group decreased their target price on shares of Adobe from $425.00 to $350.00 and set a “neutral” rating on the stock in a research report on Friday, September 16th. Mizuho decreased their target price on shares of Adobe from $440.00 to $360.00 in a research report on Friday, September 16th. Finally, Jefferies Financial Group decreased their target price on shares of Adobe from $550.00 to $500.00 in a research report on Friday, June 17th. Sixteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $427.11.

About Adobe

(Get Rating)

Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

Featured Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEGet Rating).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.