Napean Trading & Investment Co Singapore PTE Ltd Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Napean Trading & Investment Co Singapore PTE Ltd reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 49.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 7,474 shares of the software company’s stock after selling 7,380 shares during the quarter. Napean Trading & Investment Co Singapore PTE Ltd’s holdings in Adobe were worth $4,152,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Tradewinds Capital Management LLC grew its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its position in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in Adobe during the second quarter worth approximately $33,000. Lynx Investment Advisory purchased a new stake in Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter valued at approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $563.41 on Friday. The firm has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $553.72 and its 200 day moving average is $519.22.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Oppenheimer increased their target price on shares of Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Sanford C. Bernstein increased their price objective on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $605.52.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last quarter. Insiders own 0.15% of the company’s stock.

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.