Decatur Capital Management Inc. decreased its position in shares of Adobe Inc (NASDAQ:ADBE) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,674 shares of the software company’s stock after selling 949 shares during the period. Adobe accounts for approximately 2.4% of Decatur Capital Management Inc.’s portfolio, making the stock its 7th biggest position. Decatur Capital Management Inc.’s holdings in Adobe were worth $12,574,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Greenleaf Trust lifted its position in shares of Adobe by 4.3% in the second quarter. Greenleaf Trust now owns 4,966 shares of the software company’s stock worth $1,463,000 after buying an additional 206 shares during the last quarter. Westside Investment Management Inc. acquired a new stake in shares of Adobe in the second quarter worth about $598,000. Duncker Streett & Co. Inc. lifted its position in shares of Adobe by 60.0% in the second quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the software company’s stock worth $471,000 after buying an additional 600 shares during the last quarter. Shufro Rose & Co. LLC acquired a new stake in shares of Adobe in the second quarter worth about $295,000. Finally, Ellis Investment Partners LLC acquired a new stake in shares of Adobe in the second quarter worth about $30,000. 86.32% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total transaction of $809,460.00. Following the transaction, the executive vice president now directly owns 61,458 shares in the company, valued at $16,582,597.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John E. Warnock sold 4,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $296.94, for a total value of $1,187,760.00. Following the transaction, the director now owns 16,088 shares in the company, valued at $4,777,170.72. The disclosure for this sale can be found here. Insiders have sold 29,627 shares of company stock worth $8,638,724 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period in the previous year, the company posted $1.66 earnings per share. The company’s quarterly revenue was up 25.0% compared to the same quarter last year. On average, research analysts predict that Adobe Inc will post 6.3 earnings per share for the current year.
A number of analysts have weighed in on ADBE shares. Credit Suisse Group boosted their price target on Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research report on Wednesday, June 19th. BMO Capital Markets boosted their price target on Adobe from $300.00 to $315.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 19th. Bank of America boosted their price target on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $282.00 to $340.00 in a research report on Monday, April 29th. Finally, JPMorgan Chase & Co. boosted their price target on Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Ten investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $300.70.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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