W.H. Cornerstone Investments Inc. Sells 23 Shares of Adobe Inc. (NASDAQ:ADBE)

W.H. Cornerstone Investments Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 883 shares of the software company’s stock after selling 23 shares during the quarter. W.H. Cornerstone Investments Inc.’s holdings in Adobe were worth $432,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp increased its stake in shares of Adobe by 1.5% in the 1st quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after buying an additional 269,173 shares during the period. Morgan Stanley raised its holdings in Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after purchasing an additional 1,471,861 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Adobe by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 9,507,218 shares of the software company’s stock worth $3,194,412,000 after buying an additional 123,726 shares during the last quarter. Norges Bank bought a new stake in shares of Adobe during the 4th quarter valued at $1,757,029,000. Finally, Alliancebernstein L.P. grew its stake in shares of Adobe by 0.5% during the fourth quarter. Alliancebernstein L.P. now owns 4,591,503 shares of the software company’s stock worth $1,545,179,000 after purchasing an additional 20,678 shares during the period. Institutional investors own 80.00% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, Director John E. Warnock sold 3,000 shares of Adobe stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $481.41, for a total transaction of $1,444,230.00. Following the transaction, the director now directly owns 372,965 shares of the company’s stock, valued at approximately $179,549,080.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the transaction, the chief executive officer now directly owns 403,352 shares in the company, valued at $192,814,356.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is currently owned by corporate insiders.

Adobe Price Performance

Adobe stock opened at $532.42 on Tuesday. The stock’s fifty day moving average price is $530.08 and its two-hundred day moving average price is $443.78. Adobe Inc. has a one year low of $274.73 and a one year high of $570.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.25 and a quick ratio of 1.16. The firm has a market cap of $242.68 billion, a PE ratio of 47.92, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.63 EPS. As a group, research analysts expect that Adobe Inc. will post 12.58 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $615.00 target price on shares of Adobe in a report on Friday. Piper Jaffray Companies increased their price target on Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a report on Friday, June 16th. UBS Group increased their price target on Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a report on Wednesday, September 6th. TD Cowen upped their price objective on Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, TheStreet raised Adobe from a “c+” rating to a “b-” rating in a research report on Wednesday, June 21st. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.