Adobe Inc. (NASDAQ:ADBE) Shares Sold by Logan Capital Management Inc.

Logan Capital Management Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,655 shares of the software company’s stock after selling 472 shares during the quarter. Logan Capital Management Inc.’s holdings in Adobe were worth $14,319,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Oddo BHF Asset Management Sas acquired a new stake in Adobe during the 3rd quarter valued at $14,622,000. Inspire Trust Co. N.A. raised its holdings in shares of Adobe by 9.1% in the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after acquiring an additional 475 shares during the last quarter. American Trust purchased a new stake in shares of Adobe in the third quarter valued at $1,057,000. Franklin Resources Inc. boosted its stake in shares of Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after acquiring an additional 163,983 shares during the last quarter. Finally, Peapack Gladstone Financial Corp increased its position in Adobe by 14.6% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 39,805 shares of the software company’s stock worth $20,611,000 after purchasing an additional 5,080 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on ADBE. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday. Jefferies Financial Group reduced their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday. DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer lowered their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $584.88.

Adobe Stock Down 1.3 %

Shares of ADBE traded down $6.38 during midday trading on Friday, reaching $468.25. 1,417,388 shares of the company were exchanged, compared to its average volume of 3,188,567. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a 50-day moving average price of $505.99 and a 200-day moving average price of $523.02. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $206.12 billion, a price-to-earnings ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 EPS. Research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,793 shares of company stock valued at $18,069,669 in the last quarter. Company 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.