Moors & Cabot Inc. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Moors & Cabot Inc. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,452 shares of the software company’s stock after selling 239 shares during the quarter. Moors & Cabot Inc.’s holdings in Adobe were worth $1,918,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADBE. Vanguard Group Inc. raised its position in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Concentrum Wealth Management lifted its stake in shares of Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after acquiring an additional 12,065 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ADBE. KeyCorp increased their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research report on Monday, June 10th. Wells Fargo & Company upped their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, Stifel Nicolaus lifted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Insider Activity

In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock worth $14,855,543 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.2 %

Adobe stock opened at $515.03 on Wednesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $228.36 billion, a price-to-earnings ratio of 46.27, a P/E/G ratio of 3.03 and a beta of 1.29. The firm has a 50 day moving average of $551.66 and a 200 day moving average of $519.07. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

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.