W.H. Cornerstone Investments Inc. Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

W.H. Cornerstone Investments Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 2.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 883 shares of the software company’s stock after selling 23 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Adobe were worth $432,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Norges Bank purchased a new stake in Adobe in the fourth quarter worth about $1,757,029,000. Moneta Group Investment Advisors LLC increased its stake in shares of Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after purchasing an additional 3,245,427 shares in the last quarter. Morgan Stanley increased its stake in shares of Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after purchasing an additional 1,471,861 shares in the last quarter. GQG Partners LLC bought a new position in shares of Adobe during the first quarter valued at approximately $557,101,000. Finally, Alyeska Investment Group L.P. increased its stake in shares of Adobe by 663.4% during the first quarter. Alyeska Investment Group L.P. now owns 827,174 shares of the software company’s stock valued at $318,768,000 after purchasing an additional 718,822 shares in the last quarter. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $615.00 target price on shares of Adobe in a research note on Friday. Argus raised their target price on shares of Adobe from $410.00 to $565.00 in a research note on Wednesday, June 21st. The Goldman Sachs Group raised their price target on shares of Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research report on Friday. Stifel Nicolaus raised their price target on shares of Adobe from $550.00 to $600.00 and gave the company a “buy” rating in a research report on Friday. Finally, Bank of America raised their price target on shares of Adobe from $630.00 to $660.00 and gave the company a “buy” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $586.38.

Insider Buying and Selling at Adobe

In other news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the sale, the executive vice president now directly owns 17,466 shares in the company, valued at approximately $8,387,347.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the sale, the executive vice president now directly owns 17,466 shares in the company, valued at approximately $8,387,347.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,089 shares of company stock worth $20,720,115. Insiders own 0.24% of the company’s stock.

Adobe Stock Up 0.7 %

ADBE opened at $532.42 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.25. Adobe Inc. has a fifty-two week low of $274.73 and a fifty-two week high of $570.24. The firm’s fifty day moving average is $530.08 and its 200 day moving average is $443.78. The stock has a market cap of $242.68 billion, a price-to-earnings ratio of 47.92, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. Adobe’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.63 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 12.58 earnings per share for the current fiscal year.

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.