Adobe Inc (NASDAQ:ADBE) Position Lifted by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its stake in shares of Adobe Inc (NASDAQ:ADBE) by 18.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,309 shares of the software company’s stock after acquiring an additional 669 shares during the quarter. Convergence Investment Partners LLC’s holdings in Adobe were worth $1,876,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Adobe by 6.5% during the first quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock valued at $11,598,502,000 after purchasing an additional 2,219,627 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Adobe by 1.3% during the first quarter. Jennison Associates LLC now owns 7,486,574 shares of the software company’s stock valued at $2,382,527,000 after purchasing an additional 98,908 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Adobe by 6.6% during the first quarter. Geode Capital Management LLC now owns 7,324,999 shares of the software company’s stock valued at $2,326,855,000 after purchasing an additional 452,565 shares during the last quarter. Polen Capital Management LLC grew its holdings in shares of Adobe by 3.6% during the first quarter. Polen Capital Management LLC now owns 5,134,597 shares of the software company’s stock valued at $1,634,034,000 after purchasing an additional 180,710 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Adobe by 24.3% during the first quarter. Fisher Asset Management LLC now owns 5,131,883 shares of the software company’s stock valued at $1,633,171,000 after purchasing an additional 1,003,724 shares during the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.

ADBE has been the subject of several recent research reports. Morgan Stanley upped their target price on Adobe from $375.00 to $450.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Stifel Nicolaus increased their price objective on Adobe from $325.00 to $426.00 in a report on Friday, June 12th. Wells Fargo & Co reissued a “hold” rating and issued a $375.00 price objective (up from $290.00) on shares of Adobe in a report on Friday, June 12th. Argus increased their price objective on Adobe from $368.00 to $474.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Finally, JPMorgan Chase & Co. increased their price objective on Adobe from $325.00 to $430.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $407.43.

In other news, EVP Gloria Chen sold 497 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $453.76, for a total value of $225,518.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 10,000 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $438.10, for a total value of $4,381,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 73,316 shares of company stock valued at $31,271,310 in the last quarter. Insiders own 0.31% of the company’s stock.

Shares of NASDAQ:ADBE traded up $5.44 on Friday, reaching $444.32. 2,035,254 shares of the company traded hands, compared to its average volume of 2,376,558. Adobe Inc has a fifty-two week low of $255.13 and a fifty-two week high of $470.61. The company’s 50 day moving average is $434.17 and its 200-day moving average is $370.59. The stock has a market capitalization of $213.13 billion, a PE ratio of 58.62, a P/E/G ratio of 3.41 and a beta of 0.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 11th. The software company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.12. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc will post 8.05 EPS for the current year.

About Adobe

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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