Adobe Inc. (NASDAQ:ADBE) Shares Sold by Lazard Freres Gestion S.A.S.

Lazard Freres Gestion S.A.S. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 121,602 shares of the software company’s stock after selling 2,496 shares during the period. Adobe comprises approximately 1.3% of Lazard Freres Gestion S.A.S.’s holdings, making the stock its 26th biggest position. Lazard Freres Gestion S.A.S.’s holdings in Adobe were worth $62,963,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Silvercrest Asset Management Group LLC raised its holdings in shares of Adobe by 3.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 12,112 shares of the software company’s stock worth $6,112,000 after acquiring an additional 361 shares during the period. Waverly Advisors LLC raised its holdings in shares of Adobe by 185.3% during the 1st quarter. Waverly Advisors LLC now owns 3,486 shares of the software company’s stock worth $1,759,000 after acquiring an additional 2,264 shares during the period. Global Financial Private Client LLC raised its holdings in shares of Adobe by 9.7% during the 1st quarter. Global Financial Private Client LLC now owns 261 shares of the software company’s stock worth $131,000 after acquiring an additional 23 shares during the period. Redwood Investment Management LLC purchased a new position in shares of Adobe during the 1st quarter worth $403,000. Finally, Creekmur Asset Management LLC raised its holdings in shares of Adobe by 33.1% during the 1st quarter. Creekmur Asset Management LLC now owns 326 shares of the software company’s stock worth $164,000 after acquiring an additional 81 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’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 value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.2 %

ADBE traded up $1.27 on Tuesday, reaching $520.00. The company’s stock had a trading volume of 286,898 shares, compared to its average volume of 3,135,816. The stock has a 50 day moving average of $503.08 and a two-hundred day moving average of $519.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $228.90 billion, a price-to-earnings ratio of 43.81, a P/E/G ratio of 2.64 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 earnings per share. As a group, analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

About Adobe

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.