Knuff & Co LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Knuff & Co LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 20.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,189 shares of the software company’s stock after selling 302 shares during the period. Knuff & Co LLC’s holdings in Adobe were worth $327,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Polen Capital Management LLC increased its stake in shares of Adobe by 1.1% during the third quarter. Polen Capital Management LLC now owns 6,930,964 shares of the software company’s stock valued at $1,907,401,000 after buying an additional 76,097 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Adobe by 7.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,424,266 shares of the software company’s stock valued at $2,351,667,000 after purchasing an additional 435,380 shares during the last quarter. Legal & General Group Plc grew its stake in Adobe by 0.6% in the second quarter. Legal & General Group Plc now owns 3,625,238 shares of the software company’s stock valued at $1,327,056,000 after purchasing an additional 22,791 shares during the last quarter. Amundi grew its stake in Adobe by 22.4% in the second quarter. Amundi now owns 2,963,024 shares of the software company’s stock valued at $1,104,541,000 after purchasing an additional 542,902 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in Adobe by 5.5% in the second quarter. Deutsche Bank AG now owns 2,425,619 shares of the software company’s stock valued at $887,922,000 after purchasing an additional 125,365 shares during the last quarter. Hedge funds and other institutional investors own 79.36% of the company’s stock.

Adobe Trading Down 1.0 %

Shares of NASDAQ:ADBE opened at $361.32 on Wednesday. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $540.46. The company has a market capitalization of $165.41 billion, a PE ratio of 35.77, a PEG ratio of 2.27 and a beta of 1.24. The business has a 50 day moving average of $337.96 and a two-hundred day moving average of $347.49. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings data on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, meeting analysts’ consensus estimates of $2.78. The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Adobe had a return on equity of 36.74% and a net margin of 27.01%. As a group, analysts forecast that Adobe Inc. will post 12.18 EPS for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, January 20th. The stock was sold at an average price of $346.61, for a total value of $5,199,150.00. Following the completion of the sale, the chief executive officer now directly owns 408,866 shares in the company, valued at $141,717,044.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John E. Warnock sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, January 12th. The stock was sold at an average price of $341.91, for a total value of $1,025,730.00. Following the completion of the sale, the director now directly owns 380,465 shares in the company, valued at $130,084,788.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, January 20th. The stock was sold at an average price of $346.61, for a total value of $5,199,150.00. Following the sale, the chief executive officer now owns 408,866 shares of the company’s stock, valued at $141,717,044.26. The disclosure for this sale can be found here. Insiders sold 23,150 shares of company stock worth $7,960,211 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on ADBE shares. Royal Bank of Canada cut their target price on Adobe from $425.00 to $395.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 19th. Wells Fargo & Company lifted their target price on Adobe from $310.00 to $340.00 in a research note on Wednesday, December 14th. Barclays boosted their price target on Adobe from $330.00 to $340.00 in a research note on Friday, December 16th. William Blair began coverage on Adobe in a research note on Tuesday, January 17th. They set an “outperform” rating on the stock. Finally, Citigroup boosted their price target on Adobe from $337.00 to $355.00 and gave the stock a “neutral” rating in a research note on Monday, December 19th. Sixteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $412.81.

Adobe Company Profile

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

Further Reading

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEGet Rating).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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