Wellington Management Group LLP Decreases Position in Adobe Inc (NASDAQ:ADBE)

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Wellington Management Group LLP lessened its holdings in Adobe Inc (NASDAQ:ADBE) by 9.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,117,375 shares of the software company’s stock after selling 317,206 shares during the quarter. Wellington Management Group LLP owned 0.65% of Adobe worth $992,074,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Nicholas Hoffman & Company LLC. increased its position in shares of Adobe by 2.6% in the first quarter. Nicholas Hoffman & Company LLC. now owns 1,131 shares of the software company’s stock valued at $360,000 after acquiring an additional 29 shares during the period. Coastal Investment Advisors Inc. increased its position in shares of Adobe by 4.3% in the fourth quarter. Coastal Investment Advisors Inc. now owns 726 shares of the software company’s stock valued at $225,000 after acquiring an additional 30 shares during the period. Philadelphia Trust Co. boosted its stake in shares of Adobe by 1.3% during the 4th quarter. Philadelphia Trust Co. now owns 2,300 shares of the software company’s stock valued at $759,000 after purchasing an additional 30 shares in the last quarter. Pettyjohn Wood & White Inc. boosted its stake in shares of Adobe by 0.4% during the 4th quarter. Pettyjohn Wood & White Inc. now owns 7,022 shares of the software company’s stock valued at $2,316,000 after purchasing an additional 30 shares in the last quarter. Finally, Laurel Wealth Advisors LLC boosted its stake in shares of Adobe by 50.0% during the 1st quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after purchasing an additional 32 shares in the last quarter. Institutional investors own 84.25% of the company’s stock.

Shares of NASDAQ ADBE traded down $16.10 during midday trading on Thursday, reaching $390.72. The stock had a trading volume of 153,704 shares, compared to its average volume of 3,397,752. The stock has a 50-day moving average of $367.80 and a 200-day moving average of $341.30. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market capitalization of $189.30 billion, a price-to-earnings ratio of 59.41, a price-to-earnings-growth ratio of 3.07 and a beta of 0.92. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $409.98.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.04. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.71 earnings per share. As a group, analysts forecast that Adobe Inc will post 8 EPS for the current fiscal year.

In related news, EVP Gloria Chen sold 498 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $313.88, for a total transaction of $156,312.24. Following the completion of the transaction, the executive vice president now owns 9,480 shares in the company, valued at $2,975,582.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $301.40, for a total transaction of $180,840.00. Following the transaction, the executive vice president now owns 13,655 shares of the company’s stock, valued at approximately $4,115,617. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,298 shares of company stock valued at $5,953,576. Corporate insiders own 0.31% of the company’s stock.

A number of equities research analysts have recently weighed in on ADBE shares. Bank of America reaffirmed a “buy” rating and set a $360.00 target price on shares of Adobe in a research note on Friday, March 13th. Credit Suisse Group reaffirmed a “buy” rating and set a $370.00 target price on shares of Adobe in a research note on Wednesday, April 1st. Royal Bank of Canada cut their target price on shares of Adobe from $345.00 to $325.00 in a research note on Friday, March 13th. UBS Group lifted their target price on shares of Adobe from $344.00 to $450.00 and gave the company a “buy” rating in a research note on Monday. Finally, DZ Bank lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $370.00 price objective on the stock. in a research note on Thursday, May 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Adobe has an average rating of “Buy” and an average target price of $354.96.

About Adobe

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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