Fred Alger Management LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Fred Alger Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 33.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 270,675 shares of the software company’s stock after selling 138,006 shares during the quarter. Fred Alger Management LLC’s holdings in Adobe were worth $140,150,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. GAMMA Investing LLC raised its stake in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Hemenway Trust Co LLC raised its position in Adobe by 53.1% in the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the period. Crestwood Advisors Group LLC lifted its stake in shares of Adobe by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after purchasing an additional 1,464 shares in the last quarter. Anchor Investment Management LLC lifted its stake in shares of Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new stake in shares of Adobe in the second quarter worth about $1,318,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 2.2 %

ADBE opened at $513.68 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $226.12 billion, a PE ratio of 43.39, a P/E/G ratio of 2.65 and a beta of 1.30. The stock’s fifty day moving average is $503.14 and its 200-day moving average is $519.72. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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 firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % 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 over the last ninety days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.