Adobe Inc. (NASDAQ:ADBE) Shares Sold by Zullo Investment Group Inc.

Zullo Investment Group Inc. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 731 shares of the software company’s stock after selling 37 shares during the period. Zullo Investment Group Inc.’s holdings in Adobe were worth $333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Adobe by 3.3% in the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after purchasing an additional 1,212,093 shares during the period. State Street Corp increased its holdings in shares of Adobe by 3.4% in the fourth quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after purchasing an additional 643,656 shares during the period. Geode Capital Management LLC increased its holdings in shares of Adobe by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 8,597,416 shares of the software company’s stock valued at $4,863,475,000 after purchasing an additional 211,062 shares during the period. Polen Capital Management LLC increased its holdings in shares of Adobe by 22.5% in the first quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock valued at $3,035,586,000 after purchasing an additional 1,222,654 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Adobe by 3.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,988,886 shares of the software company’s stock valued at $2,728,658,000 after purchasing an additional 185,340 shares during the period. 80.75% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total transaction of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at $1,010,033.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CMO Ann Lewnes sold 794 shares of Adobe stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total transaction of $317,600.00. Following the transaction, the chief marketing officer now owns 23,988 shares in the company, valued at $9,595,200. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ADBE shares. Cowen cut their price objective on Adobe from $550.00 to $520.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Credit Suisse Group dropped their target price on Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. BMO Capital Markets started coverage on Adobe in a report on Friday, June 17th. They set a “buy” rating and a $420.00 target price on the stock. Wolfe Research dropped their target price on Adobe from $500.00 to $400.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Finally, Stifel Nicolaus dropped their target price on Adobe from $600.00 to $500.00 in a report on Friday, June 17th. Seven analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $489.12.

Adobe Stock Performance

NASDAQ ADBE opened at $394.78 on Friday. The company has a market cap of $184.76 billion, a PE ratio of 38.55, a price-to-earnings-growth ratio of 2.11 and a beta of 1.14. The stock’s 50 day simple moving average is $400.10 and its 200-day simple moving average is $411.91. Adobe Inc. has a 1-year low of $338.00 and a 1-year high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.05. The business had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same quarter last year, the business posted $2.56 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 10.98 EPS for the current fiscal year.

Adobe 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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