Wellington Management Group LLP Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Wellington Management Group LLP lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 7.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,484,199 shares of the software company’s stock after selling 196,381 shares during the period. Wellington Management Group LLP owned 0.56% of Adobe worth $1,286,269,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Adobe during the 2nd quarter valued at $33,000. Finally, Briaud Financial Planning Inc purchased a new stake in Adobe during the 3rd quarter valued at $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $538.22 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market capitalization of $236.92 billion, a price-to-earnings ratio of 45.46, a P/E/G ratio of 2.35 and a beta of 1.29. The stock has a fifty day simple moving average of $503.45 and a two-hundred day simple moving average of $521.19. 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 issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business 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 business earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Sanford C. Bernstein decreased their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Thursday. Finally, Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $601.25.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate 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.