Adobe Inc. (NASDAQ:ADBE) Position Lessened by Joho Capital LLC

Joho Capital LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 18.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 115,700 shares of the software company’s stock after selling 27,000 shares during the quarter. Adobe comprises about 9.5% of Joho Capital LLC’s holdings, making the stock its 5th largest position. Joho Capital LLC’s holdings in Adobe were worth $59,907,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth about $30,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $33,000. Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter valued at about $39,000. Finally, Briaud Financial Planning Inc bought a new stake in Adobe in the 3rd quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ADBE shares. Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Finally, UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 2.2 %

ADBE stock opened at $513.68 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average of $503.14 and a 200 day moving average of $519.72. The firm has a market cap of $226.12 billion, a PE ratio of 43.39, a price-to-earnings-growth ratio of 2.65 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company 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 revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.26 EPS. On average, research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal 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.