Stonnington Group LLC Sells 1,111 Shares of Adobe Inc. (NASDAQ:ADBE)

Stonnington Group LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 36.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,942 shares of the software company’s stock after selling 1,111 shares during the quarter. Stonnington Group LLC’s holdings in Adobe were worth $844,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Investment Research & Advisory Group Inc. increased its stake in Adobe by 2,350.0% during the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock valued at $28,000 after purchasing an additional 47 shares in the last quarter. Clear Investment Research LLC increased its stake in Adobe by 120.0% during the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock valued at $31,000 after purchasing an additional 30 shares in the last quarter. Blue Bell Private Wealth Management LLC bought a new stake in Adobe during the 4th quarter valued at about $33,000. Benjamin Edwards Inc. bought a new stake in Adobe during the 4th quarter valued at about $35,000. Finally, Delos Wealth Advisors LLC increased its stake in Adobe by 169.6% during the 4th quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock valued at $35,000 after purchasing an additional 39 shares in the last quarter. Institutional investors and hedge funds own 82.54% of the company’s stock.

In other news, Director John E. Warnock sold 615 shares of Adobe stock in a transaction that occurred on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total transaction of $265,698.45. Following the sale, the director now owns 410,165 shares in the company, valued at $177,203,584.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now owns 405,165 shares in the company, valued at approximately $163,808,209.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,075 shares of company stock worth $4,596,246. Company insiders own 0.23% of the company’s stock.

A number of analysts have weighed in on ADBE shares. Cowen reduced their price objective on shares of Adobe from $550.00 to $520.00 in a research note on Friday, June 17th. Credit Suisse Group dropped their price target on shares of Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. Jefferies Financial Group dropped their price target on shares of Adobe from $550.00 to $500.00 in a report on Friday, June 17th. Exane BNP Paribas began coverage on shares of Adobe in a report on Tuesday, March 29th. They set an “outperform” rating and a $570.00 price target on the stock. Finally, Wells Fargo & Company dropped their price target on shares of Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a report on Friday, June 17th. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $489.31.

NASDAQ ADBE opened at $365.33 on Thursday. Adobe Inc. has a 12 month low of $338.00 and a 12 month high of $699.54. The stock has a market cap of $172.62 billion, a price-to-earnings ratio of 35.68, a PEG ratio of 1.98 and a beta of 1.08. The company’s 50 day moving average is $403.52 and its two-hundred day moving average is $467.67. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last released its earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.04. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same quarter in the previous year, the business posted $2.56 EPS. Sell-side analysts forecast that Adobe Inc. will post 10.98 EPS for the current year.

Adobe Profile (Get Rating)

Adobe Inc 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.

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