Gilder Gagnon Howe & Co. LLC lowered its stake in shares of Adobe Inc (NASDAQ:ADBE) by 13.2% in the second quarter, HoldingsChannel reports. The firm owned 125,082 shares of the software company’s stock after selling 19,048 shares during the quarter. Gilder Gagnon Howe & Co. LLC’s holdings in Adobe were worth $54,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently added to or reduced their stakes in ADBE. Lion Street Advisors LLC acquired a new position in Adobe during the 1st quarter valued at approximately $25,000. Lloyd Advisory Services LLC. boosted its position in Adobe by 256.5% during the 1st quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock valued at $26,000 after purchasing an additional 59 shares during the period. Evolution Wealth Advisors LLC acquired a new position in Adobe during the 2nd quarter valued at approximately $30,000. Harvest Group Wealth Management LLC acquired a new position in Adobe during the 2nd quarter valued at approximately $30,000. Finally, Cedar Mountain Advisors LLC boosted its position in Adobe by 81.0% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock valued at $33,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 84.03% of the company’s stock.
A number of research firms recently issued reports on ADBE. Goldman Sachs Group boosted their price objective on Adobe from $350.00 to $460.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. They noted that the move was a valuation call. Citigroup boosted their price target on Adobe from $293.00 to $413.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Zacks Investment Research lowered Adobe from a “hold” rating to a “sell” rating and set a $421.00 price target for the company. in a research report on Tuesday, June 16th. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, August 28th. Finally, Bank of America boosted their price objective on Adobe from $330.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have given a buy rating to the company’s stock. Adobe currently has a consensus rating of “Buy” and an average price target of $407.43.
In other Adobe news, Director John E. Warnock sold 12,500 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $410.75, for a total value of $5,134,375.00. Following the transaction, the director now owns 18,882 shares in the company, valued at $7,755,781.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total value of $2,598,700.00. Following the completion of the transaction, the chief marketing officer now owns 35,257 shares in the company, valued at approximately $18,324,473.18. The disclosure for this sale can be found here. Insiders sold 101,411 shares of company stock worth $44,998,755 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.
NASDAQ:ADBE traded down $15.86 during trading hours on Friday, hitting $491.94. 3,898,645 shares of the company’s stock traded hands, compared to its average volume of 2,807,432. The firm has a market cap of $235.97 billion, a P/E ratio of 64.90, a P/E/G ratio of 3.82 and a beta of 0.94. Adobe Inc has a twelve month low of $255.13 and a twelve month high of $536.88. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.29 and a current ratio of 1.29. The stock’s fifty day moving average price is $460.41 and its two-hundred day moving average price is $390.17.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.12. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. Adobe’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc will post 8.05 earnings per share for the current year.
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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