Sequoia Financial Advisors LLC reduced its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 18.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,574 shares of the software company’s stock after selling 360 shares during the period. Sequoia Financial Advisors LLC’s holdings in Adobe were worth $464,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ADBE. BlackRock Inc. increased its stake in shares of Adobe by 0.7% in the first quarter. BlackRock Inc. now owns 32,843,461 shares of the software company’s stock worth $8,752,453,000 after purchasing an additional 213,902 shares in the last quarter. Northern Trust Corp increased its stake in shares of Adobe by 1.2% in the first quarter. Northern Trust Corp now owns 6,156,195 shares of the software company’s stock worth $1,640,565,000 after purchasing an additional 72,473 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Adobe by 3.9% in the first quarter. Clearbridge Investments LLC now owns 3,833,064 shares of the software company’s stock worth $1,021,473,000 after purchasing an additional 143,157 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Adobe by 8.4% in the second quarter. Fisher Asset Management LLC now owns 3,106,820 shares of the software company’s stock worth $915,425,000 after purchasing an additional 240,339 shares in the last quarter. Finally, Egerton Capital UK LLP increased its stake in shares of Adobe by 24.6% in the first quarter. Egerton Capital UK LLP now owns 2,659,090 shares of the software company’s stock worth $708,621,000 after purchasing an additional 524,827 shares in the last quarter. 86.37% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on ADBE. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $282.00 to $340.00 in a research note on Monday, April 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $295.00 price objective on shares of Adobe in a research note on Wednesday, June 19th. Bank of America increased their price objective on shares of Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Canaccord Genuity increased their price objective on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $275.00 price objective (up from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Nine research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $301.69.

ADBE stock traded up $5.37 during trading on Tuesday, hitting $294.02. 49,899 shares of the company’s stock traded hands, compared to its average volume of 2,205,951. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a fifty day simple moving average of $301.35. The firm has a market capitalization of $143.12 billion, a PE ratio of 52.95, a price-to-earnings-growth ratio of 2.68 and a beta of 1.08.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the business earned $1.66 earnings per share. Adobe’s quarterly revenue was up 25.0% compared to the same quarter last year. As a group, analysts expect that Adobe Inc will post 6.3 earnings per share for the current year.

In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the completion of the transaction, the executive vice president now owns 58,458 shares in the company, valued at $16,777,446. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles M. Geschke sold 13,795 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. Insiders have sold 29,627 shares of company stock valued at $8,638,724 in the last quarter. 0.32% of the stock is owned by company insiders.

Adobe Profile

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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