Lynch & Associates IN Sells 170 Shares of Adobe Inc. (NASDAQ:ADBE)

Lynch & Associates IN trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.9% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,744 shares of the software company’s stock after selling 170 shares during the quarter. Lynch & Associates IN’s holdings in Adobe were worth $969,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new position in shares of Adobe during the fourth quarter valued at about $3,277,785,000. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Swedbank AB bought a new position in Adobe during the 1st quarter worth approximately $621,179,000. Price T Rowe Associates Inc. MD increased 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 purchasing an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP lifted its position in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

Adobe stock opened at $563.41 on Friday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $553.72 and its two-hundred day simple moving average is $519.22. 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 (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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the business earned $3.04 EPS. Adobe’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADBE. Oppenheimer lifted their target price on shares of Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a research note on Wednesday. Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Finally, Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Profile

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.