NuWave Investment Management LLC Decreases Stake in Adobe Inc (NASDAQ:ADBE)

NuWave Investment Management LLC reduced its stake in shares of Adobe Inc (NASDAQ:ADBE) by 60.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 139 shares of the software company’s stock after selling 211 shares during the period. NuWave Investment Management LLC’s holdings in Adobe were worth $41,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Buffington Mohr McNeal acquired a new position in shares of Adobe during the 1st quarter valued at about $26,000. Liberty Wealth Management LLC purchased a new position in Adobe in the 4th quarter worth approximately $30,000. Canton Hathaway LLC purchased a new position in Adobe in the 1st quarter worth approximately $35,000. Legacy Advisors LLC purchased a new position in Adobe in the 1st quarter worth approximately $39,000. Finally, CX Institutional boosted its holdings in Adobe by 2,271.4% in the 1st quarter. CX Institutional now owns 166 shares of the software company’s stock worth $44,000 after acquiring an additional 159 shares during the period. Institutional investors own 86.32% of the company’s stock.

In other news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total value of $809,460.00. Following the completion of the transaction, the executive vice president now owns 61,458 shares of the company’s stock, valued at $16,582,597.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles M. Geschke sold 13,795 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total value of $3,999,998.20. The disclosure for this sale can be found here. Insiders sold 26,795 shares of company stock worth $7,779,608 over the last ninety days. 0.32% of the stock is owned by corporate insiders.

ADBE has been the subject of a number of analyst reports. Stephens upgraded Adobe from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $288.00 to $327.00 in a report on Wednesday, June 19th. Wells Fargo & Co set a $45.00 price target on Perrigo and gave the stock a “hold” rating in a report on Wednesday, June 19th. Morgan Stanley upped their price target on Thomson Reuters from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, April 29th. Bank of America decreased their price target on Canopy Growth from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, June 19th. Finally, Canaccord Genuity set a $52.00 price target on Zillow Group and gave the stock a “hold” rating in a report on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Adobe presently has a consensus rating of “Buy” and an average price target of $300.70.

NASDAQ ADBE traded down $1.53 during trading hours on Wednesday, hitting $302.11. The company had a trading volume of 197,737 shares, compared to its average volume of 1,724,451. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $313.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $299.02. The company has a market cap of $151.10 billion, a price-to-earnings ratio of 54.43, a P/E/G ratio of 2.83 and a beta of 1.10.

Adobe (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the company earned $1.66 earnings per share. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc will post 6.3 earnings per share for the current fiscal year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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