General American Investors Co. Inc. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

General American Investors Co. Inc. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,500 shares of the software company’s stock after selling 1,500 shares during the period. Adobe accounts for 1.1% of General American Investors Co. Inc.’s investment portfolio, making the stock its 26th biggest position. General American Investors Co. Inc.’s holdings in Adobe were worth $15,833,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Adobe during the 4th quarter worth $3,277,785,000. Wellington Management Group LLP lifted its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the period. Swedbank AB purchased a new position in Adobe during the first quarter worth about $621,179,000. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP grew its holdings in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Wells Fargo & Company boosted their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Sanford C. Bernstein upped their price objective on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Oppenheimer lifted their target price on Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $605.52.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 0.8 %

NASDAQ ADBE opened at $563.41 on Friday. The company’s fifty day moving average price is $553.72 and its two-hundred day moving average price is $519.38. The company has a market capitalization of $249.82 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share 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.