Edgewood Management LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Edgewood Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,362,947 shares of the software company's stock after selling 134,458 shares during the quarter. Adobe accounts for about 4.7% of Edgewood Management LLC's investment portfolio, making the stock its 12th largest position. Edgewood Management LLC owned approximately 0.76% of Adobe worth $1,741,267,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in 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 purchasing an additional 1,146,718 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company's stock worth $1,406,524,000 after purchasing an additional 21,444 shares during the last quarter. Principal Financial Group Inc. increased its position in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company's stock worth $1,097,475,000 after purchasing an additional 12,065 shares during the last quarter. Clearbridge Investments LLC increased its position in Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company's stock worth $1,097,044,000 after purchasing an additional 15,685 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Adobe by 12.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company's stock worth $945,780,000 after purchasing an additional 185,737 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company's stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now 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 have sold 34,187 shares of company stock valued at $17,736,369 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ:ADBE traded up $6.92 during midday trading on Friday, hitting $511.36. The company's stock had a trading volume of 1,188,668 shares, compared to its average volume of 3,142,931. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $225.10 billion, a P/E ratio of 43.16, a P/E/G ratio of 2.57 and a beta of 1.30. The firm's 50 day moving average is $503.63 and its 200-day moving average is $518.71.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. Equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Argus raised shares of Adobe to a "strong-buy" rating in a research note on Monday, September 16th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a "neutral" rating for the company in a research note on Friday, September 13th. 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. Piper Sandler reaffirmed an "overweight" rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $606.40.

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.