Smith Anglin Financial LLC Sells 75 Shares of Adobe Inc. (NASDAQ:ADBE)

Smith Anglin Financial LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 715 shares of the software company’s stock after selling 75 shares during the period. Smith Anglin Financial LLC’s holdings in Adobe were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Adobe by 0.8% during the first quarter. Bank of New York Mellon Corp now owns 8,574,479 shares of the software company’s stock worth $4,076,052,000 after acquiring an additional 65,913 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Adobe by 1.3% in the first quarter. Geode Capital Management LLC now owns 8,050,718 shares of the software company’s stock valued at $3,817,245,000 after purchasing an additional 103,574 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Adobe by 7.8% in the first quarter. Janus Henderson Group PLC now owns 7,268,925 shares of the software company’s stock valued at $3,455,410,000 after purchasing an additional 527,558 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Adobe by 0.7% in the first quarter. Morgan Stanley now owns 6,759,931 shares of the software company’s stock valued at $3,213,467,000 after purchasing an additional 45,108 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Adobe by 3.5% in the second quarter. Fisher Asset Management LLC now owns 6,206,330 shares of the software company’s stock valued at $3,634,676,000 after purchasing an additional 208,730 shares in the last quarter. Hedge funds and other institutional investors own 81.67% of the company’s stock.

NASDAQ ADBE traded up $14.54 on Wednesday, hitting $659.55. 41,613 shares of the company’s stock were exchanged, compared to its average volume of 2,199,907. The stock has a 50-day moving average of $633.81 and a 200-day moving average of $548.61. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30. Adobe Inc. has a 52 week low of $420.78 and a 52 week high of $673.88. The stock has a market cap of $314.21 billion, a price-to-earnings ratio of 57.07, a P/E/G ratio of 3.42 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.22. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the prior year, the company earned $2.45 earnings per share. The company’s quarterly revenue was up 22.7% on a year-over-year basis. As a group, analysts predict that Adobe Inc. will post 10.28 earnings per share for the current year.

In other news, EVP Dana Rao sold 2,833 shares of the stock in a transaction on Monday, June 21st. The stock was sold at an average price of $563.12, for a total value of $1,595,318.96. Following the completion of the transaction, the executive vice president now directly owns 20,144 shares in the company, valued at approximately $11,343,489.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gloria Chen sold 42 shares of the stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $659.63, for a total value of $27,704.46. Following the completion of the transaction, the executive vice president now owns 11,831 shares of the company’s stock, valued at $7,804,082.53. The disclosure for this sale can be found here. Insiders sold a total of 13,363 shares of company stock valued at $7,711,611 over the last quarter. 0.23% of the stock is owned by corporate insiders.

A number of analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price target on Adobe from $595.00 to $660.00 and gave the company an “overweight” rating in a report on Friday, June 18th. Jefferies Financial Group upped their target price on Adobe from $560.00 to $630.00 and gave the stock a “buy” rating in a report on Monday, June 14th. Argus upped their target price on Adobe from $650.00 to $764.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Bank of America upped their target price on Adobe from $570.00 to $640.00 and gave the stock a “buy” rating in a report on Friday, June 18th. Finally, BMO Capital Markets upped their target price on Adobe from $585.00 to $630.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. Five equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $622.54.

Adobe Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

Recommended Story: How does the Beige Book influence monetary policy?

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.