Prudential Financial Inc. trimmed its stake in shares of Adobe Inc (NASDAQ:ADBE) by 1.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,641,223 shares of the software company’s stock after selling 23,296 shares during the period. Adobe makes up about 0.7% of Prudential Financial Inc.’s holdings, making the stock its 21st largest position. Prudential Financial Inc.’s holdings in Adobe were worth $443,048,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in ADBE. Edgewood Management LLC acquired a new position in shares of Adobe in the 2nd quarter worth approximately $565,496,000. Morgan Stanley grew its stake in shares of Adobe by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after purchasing an additional 1,515,736 shares during the last quarter. Moneta Group Investment Advisors LLC acquired a new position in shares of Adobe in the 2nd quarter worth approximately $546,000. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Adobe in the 2nd quarter worth approximately $102,939,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Adobe in the 2nd quarter worth approximately $101,973,000. Institutional investors own 85.07% of the company’s stock.
ADBE stock opened at $241.93 on Wednesday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $115.53 billion, a P/E ratio of 67.39, a P/E/G ratio of 2.55 and a beta of 1.15. Adobe Inc has a 52 week low of $165.68 and a 52 week high of $277.61.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe had a net margin of 28.16% and a return on equity of 29.51%. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period last year, the company posted $1.10 earnings per share. As a group, analysts anticipate that Adobe Inc will post 5.66 earnings per share for the current year.
Several equities analysts have recently issued reports on ADBE shares. Barclays lifted their price objective on shares of Adobe from $297.00 to $304.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 16th. Argus lifted their price objective on shares of Adobe from $289.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Zacks Investment Research raised shares of Adobe from a “hold” rating to a “buy” rating and set a $305.00 price objective on the stock in a research note on Thursday, October 4th. BidaskClub downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, Citigroup lifted their target price on shares of Adobe from $260.00 to $309.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Ten investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Adobe presently has an average rating of “Buy” and an average price target of $271.04.
In related news, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the sale, the executive vice president now directly owns 68,071 shares in the company, valued at $16,697,816.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,941 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the sale, the executive vice president now owns 58,557 shares of the company’s stock, valued at $15,877,144.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,851 shares of company stock valued at $4,501,144. 0.33% of the stock is currently owned by corporate insiders.
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Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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