Adobe Inc. (NASDAQ:ADBE) Shares Sold by Jacobs & Co. CA

Jacobs & Co. CA decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 36,414 shares of the software company’s stock after selling 780 shares during the quarter. Adobe comprises about 2.1% of Jacobs & Co. CA’s investment portfolio, making the stock its 5th largest holding. Jacobs & Co. CA’s holdings in Adobe were worth $17,806,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ADBE. VELA Investment Management LLC grew its stake in shares of Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares in the last quarter. Bornite Capital Management LP purchased a new stake in Adobe in the first quarter valued at $15,947,000. United Bank lifted its position in Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after acquiring an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Adobe by 21.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after acquiring an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC raised its holdings in shares of Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after buying an additional 3,860 shares during the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $528.39 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $240.84 billion, a price-to-earnings ratio of 50.47, a PEG ratio of 3.32 and a beta of 1.33. The company’s 50 day simple moving average is $530.08 and its 200 day simple moving average is $443.78. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.63 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 12.56 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,135,930.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the completion of the sale, the executive vice president now owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. Insiders have sold a total of 43,089 shares of company stock valued at $20,720,115 over the last quarter. Company insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $510.00 to $660.00 in a report on Monday, July 31st. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a research note on Wednesday, June 21st. Sanford C. Bernstein boosted their price target on shares of Adobe from $431.00 to $585.00 in a research note on Monday, June 19th. DA Davidson upped their target price on shares of Adobe from $350.00 to $500.00 in a research report on Friday, June 16th. Finally, The Goldman Sachs Group upped their target price on shares of Adobe from $550.00 to $625.00 and gave the stock a “buy” rating in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $586.38.

Adobe Company 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.