Adobe Inc. (NASDAQ:ADBE) Position Reduced by Blue Whale Capital LLP

Blue Whale Capital LLP cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 61.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 21,601 shares of the software company’s stock after selling 34,055 shares during the period. Adobe comprises 0.9% of Blue Whale Capital LLP’s holdings, making the stock its 20th largest position. Blue Whale Capital LLP’s holdings in Adobe were worth $11,185,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ADBE. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter valued at about $30,000. Summit Securities Group LLC purchased a new stake in Adobe during the second quarter valued at about $33,000. Briaud Financial Planning Inc purchased a new stake in shares of Adobe in the third quarter worth approximately $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the third quarter worth approximately $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on ADBE. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group reduced their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Trading Up 1.5 %

Shares of Adobe stock opened at $512.15 on Monday. The company’s fifty day simple moving average is $503.13 and its 200-day simple moving average is $519.25. The company has a market cap of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.64 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $3.26 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 EPS for the current 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.