Blue Square Asset Management LLC Sells 39 Shares of Adobe Inc. (NASDAQ:ADBE)

Blue Square Asset Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,533 shares of the software company’s stock after selling 39 shares during the period. Blue Square Asset Management LLC’s holdings in Adobe were worth $1,783,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ADBE. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at approximately $3,277,785,000. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Adobe in the fourth quarter valued at approximately $875,592,000. 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 valued at $3,876,309,000 after purchasing an additional 590,533 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Adobe by 377.4% in the first quarter. Van ECK Associates Corp now owns 448,226 shares of the software company’s stock valued at $226,175,000 after purchasing an additional 354,340 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. Barclays upped their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, UBS Group dropped their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Trading Down 1.2 %

Shares of Adobe stock traded down $6.92 during trading on Thursday, reaching $557.63. 3,189,218 shares of the stock were exchanged, compared to its average volume of 3,534,196. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average is $500.62 and its 200 day moving average is $533.22. The firm has a market cap of $247.25 billion, a price-to-earnings ratio of 50.60, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during 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%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $3.04 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,270 shares of company stock worth $15,165,916. Company insiders own 0.15% of the company’s stock.

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.