Man Group plc reduced its holdings in Adobe Inc (NASDAQ:ADBE) by 20.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 571,149 shares of the software company’s stock after selling 142,471 shares during the quarter. Adobe comprises 0.6% of Man Group plc’s investment portfolio, making the stock its 19th largest position. Man Group plc owned approximately 0.12% of Adobe worth $168,289,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of ADBE. Marquette Asset Management LLC boosted its position in shares of Adobe by 114.3% during the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after purchasing an additional 48 shares in the last quarter. JNBA Financial Advisors raised its stake in Adobe by 666.7% during the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. Manchester Financial Inc. purchased a new position in Adobe during the second quarter valued at $28,000. Ellis Investment Partners LLC purchased a new position in Adobe during the second quarter valued at $30,000. Finally, Resources Investment Advisors LLC. raised its stake in Adobe by 94.3% during the second quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after buying an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.
Several research analysts have recently weighed in on the company. Credit Suisse Group boosted their price target on Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research note on Wednesday, June 19th. Stephens set a $327.00 price target on shares of Adobe and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. KeyCorp reiterated a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Royal Bank of Canada reduced their price objective on Adobe from $320.00 to $315.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, ValuEngine downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $301.64.
Shares of NASDAQ:ADBE traded up $1.49 during trading on Thursday, hitting $281.21. 220,952 shares of the company’s stock were exchanged, compared to its average volume of 2,274,372. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The business’s 50-day simple moving average is $286.62 and its 200 day simple moving average is $281.67. The company has a market cap of $137.35 billion, a price-to-earnings ratio of 50.68, a PEG ratio of 2.57 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.08. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business posted $1.73 earnings per share. The firm’s revenue was up 23.7% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc will post 6.3 EPS for the current fiscal year.
In other Adobe news, Director Charles M. Geschke sold 13,795 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total value of $867,960.00. Following the transaction, the executive vice president now owns 55,198 shares of the company’s stock, valued at approximately $15,969,885.36. The disclosure for this sale can be found here. Insiders have sold 22,627 shares of company stock valued at $6,648,464 in the last quarter. 0.32% of the stock is currently owned by company insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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