Connors Investor Services Inc. Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Connors Investor Services Inc. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,312 shares of the software company’s stock after selling 3,599 shares during the quarter. Connors Investor Services Inc.’s holdings in Adobe were worth $12,268,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after acquiring an additional 590,533 shares during the last quarter. Norges Bank purchased a new position in Adobe in the fourth quarter worth approximately $3,277,785,000. Fisher Asset Management LLC lifted its stake in Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Adobe by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after acquiring an additional 66,180 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Barclays lifted their price target on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $603.33.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $5.85 during trading on Friday, hitting $551.00. 2,601,942 shares of the company were exchanged, compared to its average volume of 2,842,636. The company has a market cap of $244.31 billion, a price-to-earnings ratio of 49.51, a PEG ratio of 2.88 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s fifty day moving average price is $510.98 and its 200 day moving average price is $531.24. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.04 EPS. On average, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,855 shares of company stock valued at $16,063,203. Insiders own 0.15% of the company’s stock.

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.