Envestnet Portfolio Solutions Inc. Sells 859 Shares of Adobe Inc. (NASDAQ:ADBE)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% in the 2nd quarter, Holdings Channel reports. The firm owned 33,849 shares of the software company’s stock after selling 859 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Adobe were worth $18,804,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Norges Bank purchased a new position in Adobe in the fourth quarter worth $3,277,785,000. Fisher Asset Management LLC increased 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 valued at $2,720,548,000 after acquiring an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after purchasing an additional 66,180 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ADBE shares. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Finally, Stifel Nicolaus reduced their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Up 2.9 %

Shares of NASDAQ ADBE traded up $15.68 during trading on Thursday, reaching $555.47. The company had a trading volume of 822,528 shares, compared to its average volume of 3,307,404. The business’s 50-day moving average is $533.59 and its 200 day moving average is $523.98. 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 has a market cap of $246.30 billion, a PE ratio of 49.87, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business 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 was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $3.04 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal 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.