Mizuho Securities USA LLC Sells 5,793 Shares of Adobe Inc. (NASDAQ:ADBE)

Mizuho Securities USA LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,752 shares of the software company's stock after selling 5,793 shares during the quarter. Mizuho Securities USA LLC's holdings in Adobe were worth $14,887,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ADBE. GAMMA Investing LLC boosted its position in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock valued at $3,344,000 after buying an additional 1,412 shares during the period. Hemenway Trust Co LLC boosted its holdings in shares of Adobe by 53.1% during the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company's stock worth $5,282,000 after purchasing an additional 3,539 shares during the period. Crestwood Advisors Group LLC grew its stake in shares of Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company's stock worth $77,650,000 after purchasing an additional 1,464 shares during the last quarter. Anchor Investment Management LLC increased its holdings in Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company's stock valued at $8,892,000 after purchasing an additional 1,430 shares during the period. Finally, Fairscale Capital LLC bought a new position in Adobe during the 2nd quarter valued at approximately $1,318,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a "neutral" rating on the stock in a research report on Friday, September 13th. Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an "overweight" rating in a report on Wednesday, September 4th. StockNews.com upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating for the company in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $606.40.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company's stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the business's stock in a transaction that occurred on Friday, October 25th. The shares were 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 of the company's stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Down 5.0 %

Shares of NASDAQ ADBE opened at $503.37 on Friday. The firm's 50 day moving average price is $509.79 and its 200-day moving average price is $518.35. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts' expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.26 EPS. On average, equities research analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.