Audent Global Asset Management LLC Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Audent Global Asset Management LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 77.2% during the third quarter, Holdings Channel reports. The institutional investor owned 861 shares of the software company’s stock after selling 2,914 shares during the quarter. Adobe makes up approximately 0.8% of Audent Global Asset Management LLC’s investment portfolio, making the stock its 29th largest position. Audent Global Asset Management LLC’s holdings in Adobe were worth $446,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Paloma Partners Management Co boosted its position in Adobe by 8,236.0% during the third quarter. Paloma Partners Management Co now owns 25,008 shares of the software company’s stock worth $12,949,000 after purchasing an additional 24,708 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in Adobe by 282.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,033 shares of the software company’s stock worth $5,713,000 after purchasing an additional 8,151 shares in the last quarter. Kestra Investment Management LLC purchased a new position in Adobe during the third quarter worth approximately $816,000. Point72 Hong Kong Ltd purchased a new position in Adobe during the third quarter worth approximately $16,347,000. Finally, FSA Wealth Management LLC purchased a new position in Adobe during the third quarter worth approximately $81,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, UBS Group decreased their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $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 SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $515.93 on Monday. The business has a fifty day moving average of $503.01 and a two-hundred day moving average of $520.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $227.11 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 2.66 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Adobe Company 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.