DAVENPORT & Co LLC Sells 32,620 Shares of Adobe Inc (NASDAQ:ADBE)

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DAVENPORT & Co LLC lowered its stake in shares of Adobe Inc (NASDAQ:ADBE) by 9.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 330,492 shares of the software company’s stock after selling 32,620 shares during the quarter. Adobe comprises 1.2% of DAVENPORT & Co LLC’s portfolio, making the stock its 24th largest holding. DAVENPORT & Co LLC owned approximately 0.07% of Adobe worth $97,379,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Buffington Mohr McNeal acquired a new stake in shares of Adobe during the first quarter worth about $26,000. Liberty Wealth Management LLC acquired a new position in shares of Adobe during the 4th quarter worth $30,000. Barnett & Company Inc. bought a new stake in Adobe during the 4th quarter worth $32,000. Nalls Sherbakoff Group LLC bought a new stake in Adobe during the 4th quarter worth $34,000. Finally, Canton Hathaway LLC bought a new stake in Adobe during the 1st quarter worth $35,000. Institutional investors own 86.37% of the company’s stock.

Shares of Adobe stock opened at $282.71 on Friday. Adobe Inc has a one year low of $204.95 and a one year high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s 50-day moving average is $300.91 and its 200 day moving average is $277.68. The firm has a market cap of $142.32 billion, a price-to-earnings ratio of 50.90, a PEG ratio of 2.66 and a beta of 1.08.

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

A number of equities research analysts recently weighed in on ADBE shares. Zacks Investment Research lowered Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. JPMorgan Chase & Co. boosted their price objective on Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Wedbush boosted their price objective on Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Bank of America boosted their price objective on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Finally, Stephens upgraded Adobe from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $288.00 to $327.00 in a research report on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Adobe presently has a consensus rating of “Buy” and a consensus price target of $301.69.

In related news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total transaction of $861,000.00. Following the completion of the sale, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at $16,777,446. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dana Rao sold 2,832 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,627 shares of company stock worth $7,829,264. 0.32% of the stock is owned by company insiders.

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.

Featured Article: Debt-To-Equity Ratio

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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