Royal Fund Management LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Royal Fund Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,392 shares of the software company’s stock after selling 173 shares during the period. Royal Fund Management LLC’s holdings in Adobe were worth $2,148,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. NewSquare Capital LLC increased its holdings in shares of Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after purchasing an additional 53 shares during the period. Financial Freedom LLC bought a new position in Adobe in the fourth quarter valued at $29,000. Financial Management Professionals Inc. increased its stake in Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after acquiring an additional 53 shares during the last quarter. Independence Bank of Kentucky increased its stake in Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after acquiring an additional 46 shares during the last quarter. Finally, Fortis Capital Advisors LLC bought a new position in Adobe in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 80.00% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. Wolfe Research increased their target price on Adobe from $580.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday. Wells Fargo & Company raised their price objective on Adobe from $600.00 to $625.00 and gave the company an “overweight” rating in a research note on Tuesday, September 12th. BMO Capital Markets raised their price objective on Adobe from $600.00 to $640.00 and gave the company an “outperform” rating in a research note on Tuesday, September 12th. Sanford C. Bernstein raised their price objective on Adobe from $431.00 to $585.00 in a research note on Monday, June 19th. Finally, TD Cowen raised their price objective on Adobe from $600.00 to $630.00 and gave the company an “outperform” rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $586.38.

Insider Activity at Adobe

In related news, EVP Dana Rao sold 2,600 shares of the firm’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction 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 $8,387,347.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, EVP Dana Rao sold 2,600 shares of Adobe stock in a transaction that occurred on 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 SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction that occurred on 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 sold 43,089 shares of company stock valued at $20,720,115 over the last 90 days. Corporate insiders own 0.24% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $532.42 on Tuesday. The firm has a 50 day moving average price of $530.08 and a 200-day moving average price of $443.78. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $570.24. The firm has a market capitalization of $242.68 billion, a price-to-earnings ratio of 47.92, a PEG ratio of 3.17 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.25.

Adobe (NASDAQ:ADBE) last released its earnings results 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 firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the business earned $2.63 earnings per share. Equities research analysts forecast that Adobe Inc. will post 12.58 EPS for the current fiscal year.

About Adobe

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.