Stoneridge Investment Partners LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Stoneridge Investment Partners LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,882 shares of the software company’s stock after selling 2,111 shares during the period. Adobe makes up 1.9% of Stoneridge Investment Partners LLC’s portfolio, making the stock its 12th biggest position. Stoneridge Investment Partners LLC’s holdings in Adobe were worth $4,934,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ADBE. Concentrum Wealth Management boosted its holdings in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after acquiring an additional 244,008 shares during the period. Aveo Capital Partners LLC boosted its stake in shares of Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares during the period. Gryphon Financial Partners LLC grew its holdings in Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after purchasing an additional 658 shares in the last quarter. Sound View Wealth Advisors Group LLC increased its stake in Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares during the period. Finally, Meridian Wealth Management LLC lifted its holdings in Adobe by 30.3% in the 4th quarter. Meridian Wealth Management LLC now owns 2,385 shares of the software company’s stock worth $1,423,000 after buying an additional 554 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $536.87 on Friday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a fifty day simple moving average of $553.76 and a 200-day simple moving average of $520.19. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company earned $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research analyst reports. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday. TD Cowen dropped their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $608.83.

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.