Fred Alger Management LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Fred Alger Management LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 33.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 270,675 shares of the software company’s stock after selling 138,006 shares during the quarter. Fred Alger Management LLC owned approximately 0.06% of Adobe worth $140,150,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Channing Global Advisors LLC purchased a new stake in shares of Adobe during the third quarter worth $4,627,000. Captrust Financial Advisors increased its stake in Adobe by 1.0% in the third quarter. Captrust Financial Advisors now owns 154,869 shares of the software company’s stock valued at $80,188,000 after purchasing an additional 1,469 shares during the last quarter. Atlantic Union Bankshares Corp raised its stake in Adobe by 6.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 20,033 shares of the software company’s stock worth $10,373,000 after acquiring an additional 1,210 shares in the last quarter. William Allan Corp lifted its holdings in shares of Adobe by 33.3% in the 3rd quarter. William Allan Corp now owns 5,280 shares of the software company’s stock valued at $2,734,000 after purchasing an additional 1,319 shares during the last quarter. Finally, Infrastructure Capital Advisors LLC acquired a new stake in shares of Adobe in the third quarter valued at approximately $518,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on ADBE shares. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Finally, Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 2.2 %

Adobe stock opened at $513.68 on Friday. The stock has a 50-day moving average price of $503.14 and a 200 day moving average price of $519.72. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market cap of $226.12 billion, a PE ratio of 43.39, a P/E/G ratio of 2.65 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

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

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred 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 directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last quarter. Company 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.