Adobe Inc. (NASDAQ:ADBE) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,526 shares of the software company’s stock after selling 976 shares during the period. New York Life Investment Management LLC’s holdings in Adobe were worth $37,513,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter valued at $3,277,785,000. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. Swedbank AB acquired a new position in shares of Adobe in the first quarter worth about $621,179,000. Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP raised its holdings in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by insiders.

Adobe Stock Down 0.8 %

ADBE opened at $563.41 on Friday. The firm has a market cap of $249.82 billion, a P/E ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The business has a 50 day moving average price of $553.72 and a 200 day moving average price of $519.38. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.04 EPS. Research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. BMO Capital Markets lifted their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Thursday, August 1st. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Finally, Piper Sandler reduced their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Profile

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.