Adobe Inc. (NASDAQ:ADBE) Shares Sold by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP lowered its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 43.2% in the second quarter, Holdings Channel.com reports. The fund owned 25,888 shares of the software company’s stock after selling 19,682 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Adobe were worth $9,477,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Grayhawk Investment Strategies Inc. acquired a new stake in shares of Adobe in the second quarter valued at about $25,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Adobe in the first quarter valued at about $31,000. Better Money Decisions LLC acquired a new stake in shares of Adobe during the 2nd quarter valued at approximately $29,000. Tortoise Investment Management LLC boosted its stake in shares of Adobe by 123.7% during the 2nd quarter. Tortoise Investment Management LLC now owns 85 shares of the software company’s stock worth $31,000 after acquiring an additional 47 shares in the last quarter. Finally, Urban Wealth Management LLC acquired a new stake in shares of Adobe in the 2nd quarter worth approximately $33,000. 80.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 132 shares of the firm’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $294.54, for a total value of $38,879.28. Following the transaction, the chief accounting officer now owns 2,596 shares of the company’s stock, valued at approximately $764,625.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.12, for a total value of $865,134.32. Following the completion of the transaction, the executive vice president now owns 24,217 shares in the company, valued at approximately $7,728,129.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $294.54, for a total transaction of $38,879.28. Following the transaction, the chief accounting officer now directly owns 2,596 shares in the company, valued at $764,625.84. The disclosure for this sale can be found here. Insiders have sold a total of 24,543 shares of company stock valued at $7,690,103 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Adobe Trading Up 1.3 %

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Shares of ADBE opened at $342.46 on Wednesday. Adobe Inc. has a twelve month low of $274.73 and a twelve month high of $636.00. The firm has a market capitalization of $159.21 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 2.12 and a beta of 1.26. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.25. The stock’s fifty day simple moving average is $317.53 and its 200 day simple moving average is $358.00.

Adobe (NASDAQ:ADBE – Get Rating) last released its quarterly earnings data on Thursday, September 15th. The software company reported $2.63 EPS for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.02). Adobe had a return on equity of 36.49% and a net margin of 28.00%. The firm had revenue of $4.43 billion during the quarter, compared to analysts’ expectations of $4.44 billion. During the same quarter last year, the business earned $2.65 earnings per share. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 11.11 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Barclays reduced their price objective on Adobe from $340.00 to $330.00 and set an “equal weight” rating for the company in a report on Thursday, October 13th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Adobe from $500.00 to $400.00 and set a “buy” rating on the stock in a research report on Friday, September 16th. UBS Group raised their target price on shares of Adobe from $320.00 to $350.00 in a report on Monday. Edward Jones downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Monday, September 19th. Finally, Wells Fargo & Company cut shares of Adobe from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $425.00 to $310.00 in a research note on Monday, September 19th. Sixteen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $400.96.

Adobe Company Profile

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Adobe Inc 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.