Blueshift Asset Management LLC Has $1.18 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Blueshift Asset Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 29.4% in the 3rd quarter, Holdings Channel reports. The firm owned 2,287 shares of the software company’s stock after selling 951 shares during the quarter. Blueshift Asset Management LLC’s holdings in Adobe were worth $1,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Silvercrest Asset Management Group LLC lifted its holdings in shares of Adobe by 3.1% during the first quarter. Silvercrest Asset Management Group LLC now owns 12,112 shares of the software company’s stock valued at $6,112,000 after acquiring an additional 361 shares during the period. Redwood Investment Management LLC bought a new stake in Adobe during the first quarter worth about $403,000. Jaffetilchin Investment Partners LLC increased its holdings in shares of Adobe by 135.8% during the first quarter. Jaffetilchin Investment Partners LLC now owns 1,375 shares of the software company’s stock worth $694,000 after buying an additional 792 shares in the last quarter. New Covenant Trust Company N.A. bought a new position in shares of Adobe in the first quarter valued at approximately $190,000. Finally, Montchanin Asset Management LLC bought a new stake in Adobe during the 1st quarter worth approximately $1,307,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $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 SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, 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 34,187 shares of company stock worth $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $525.30 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $231.24 billion, a price-to-earnings ratio of 44.37, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock’s 50-day moving average is $503.28 and its 200-day moving average is $519.80.

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

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.