Pacer Advisors Inc. Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Pacer Advisors Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 65,424 shares of the software company’s stock after selling 2,221 shares during the quarter. Pacer Advisors Inc.’s holdings in Adobe were worth $33,875,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after buying an additional 1,412 shares in the last quarter. Hemenway Trust Co LLC grew its stake in Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after buying an additional 3,539 shares in the last quarter. Crestwood Advisors Group LLC grew its stake in Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after buying an additional 1,464 shares in the last quarter. Anchor Investment Management LLC grew its stake in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new position in Adobe in the 2nd quarter worth approximately $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $512.15 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average price is $503.13 and its 200-day moving average price is $518.84. The stock has a market cap of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ADBE shares. UBS Group decreased their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe 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.