ClariVest Asset Management LLC Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

ClariVest Asset Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,922 shares of the software company’s stock after selling 139 shares during the period. Adobe comprises approximately 0.7% of ClariVest Asset Management LLC’s investment portfolio, making the stock its 16th biggest holding. ClariVest Asset Management LLC’s holdings in Adobe were worth $7,179,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ADBE. Sound View Wealth Advisors Group LLC increased its position in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares during the last quarter. Wade G W & Inc. increased its holdings in shares of Adobe by 0.5% during the 4th quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after buying an additional 18 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its position in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the period. HTLF Bank lifted its holdings in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the last quarter. Finally, Visionary Wealth Advisors grew its position in Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after acquiring an additional 20 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADBE shares. Mizuho reissued a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Robert W. Baird boosted their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Finally, Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $574.48 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $254.72 billion, a P/E ratio of 51.62, a P/E/G ratio of 2.94 and a beta of 1.29. The stock has a 50 day moving average of $554.06 and a two-hundred day moving average of $519.46. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted $3.04 EPS. On average, research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction 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 approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 in the last quarter. 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.