Bowie Capital Management LLC Sells 35,211 Shares of Adobe Inc. (NASDAQ:ADBE)

Bowie Capital Management LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 132,617 shares of the software company’s stock after selling 35,211 shares during the quarter. Adobe accounts for 4.5% of Bowie Capital Management LLC’s portfolio, making the stock its 12th biggest holding. Bowie Capital Management LLC’s holdings in Adobe were worth $73,674,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Tradewinds Capital Management LLC increased its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter worth $33,000. Steph & Co. raised its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the 2nd quarter worth $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on ADBE shares. KeyCorp lifted their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday. Finally, StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Stock Performance

Shares of ADBE stock opened at $563.41 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business has a fifty day moving average of $553.72 and a 200 day moving average of $519.22. The firm has a market capitalization of $249.82 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the company posted $3.04 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, 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.