OLD Dominion Capital Management Inc. Lowers Stock Holdings in Adobe Inc (NASDAQ:ADBE)

OLD Dominion Capital Management Inc. trimmed its position in Adobe Inc (NASDAQ:ADBE) by 3.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 26,995 shares of the software company’s stock after selling 1,045 shares during the period. Adobe comprises approximately 3.5% of OLD Dominion Capital Management Inc.’s holdings, making the stock its 2nd largest holding. OLD Dominion Capital Management Inc.’s holdings in Adobe were worth $8,591,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Greenwood Capital Associates LLC acquired a new stake in Adobe during the 1st quarter worth $3,780,000. Bluestein R H & Co. raised its stake in Adobe by 528.9% during the 1st quarter. Bluestein R H & Co. now owns 18,428 shares of the software company’s stock worth $5,865,000 after buying an additional 15,498 shares during the period. DCF Advisers LLC acquired a new stake in Adobe during the 1st quarter worth $318,000. Rockefeller Capital Management L.P. raised its stake in Adobe by 59.9% during the 1st quarter. Rockefeller Capital Management L.P. now owns 72,969 shares of the software company’s stock worth $23,222,000 after buying an additional 27,329 shares during the period. Finally, Parkwood LLC raised its stake in Adobe by 11.3% during the 1st quarter. Parkwood LLC now owns 14,688 shares of the software company’s stock worth $4,674,000 after buying an additional 1,487 shares during the period. Hedge funds and other institutional investors own 84.12% of the company’s stock.

Adobe stock traded up $6.70 during midday trading on Thursday, reaching $381.87. 1,993,534 shares of the company’s stock were exchanged, compared to its average volume of 2,603,009. Adobe Inc has a 52 week low of $255.13 and a 52 week high of $391.27. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market cap of $181.46 billion, a price-to-earnings ratio of 58.33, a P/E/G ratio of 2.94 and a beta of 0.90. The stock’s 50-day simple moving average is $350.69 and its 200 day simple moving average is $334.69.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.04. Adobe had a return on equity of 33.54% and a net margin of 27.72%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter last year, the company posted $1.71 earnings per share. Adobe’s quarterly revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Adobe Inc will post 8 earnings per share for the current year.

Several analysts recently commented on the company. Royal Bank of Canada dropped their price objective on Adobe from $345.00 to $325.00 in a research note on Friday, March 13th. Piper Sandler dropped their price target on Adobe from $355.00 to $350.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. UBS Group dropped their price target on Adobe from $430.00 to $344.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Cfra dropped their price target on Adobe from $365.00 to $359.00 and set a “buy” rating on the stock in a research note on Tuesday, March 17th. Finally, Morgan Stanley lifted their price target on Adobe from $366.00 to $375.00 and gave the company an “overweight” rating in a research note on Wednesday, March 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $342.54.

In other Adobe news, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $352.45, for a total transaction of $211,470.00. Following the completion of the sale, the executive vice president now directly owns 12,817 shares in the company, valued at $4,517,351.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $348.26, for a total transaction of $1,741,300.00. Following the sale, the chief marketing officer now owns 54,874 shares of the company’s stock, valued at $19,110,419.24. The disclosure for this sale can be found here. Insiders have sold 12,298 shares of company stock valued at $4,025,976 in the last quarter. 0.31% of the stock is currently owned by corporate insiders.

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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