Fred Alger Management LLC Sells 189,910 Shares of Adobe Inc. (NASDAQ:ADBE)

Fred Alger Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 76.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,347 shares of the software company’s stock after selling 189,910 shares during the period. Fred Alger Management LLC’s holdings in Adobe were worth $15,782,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Meiji Yasuda Life Insurance Co raised its position in Adobe by 28.4% in the 3rd quarter. Meiji Yasuda Life Insurance Co now owns 10,647 shares of the software company’s stock worth $2,930,000 after purchasing an additional 2,353 shares during the last quarter. United Services Automobile Association raised its position in Adobe by 5.0% in the 3rd quarter. United Services Automobile Association now owns 19,477 shares of the software company’s stock worth $5,360,000 after purchasing an additional 929 shares during the last quarter. Ashford Capital Management Inc. raised its position in Adobe by 13.4% in the 3rd quarter. Ashford Capital Management Inc. now owns 4,040 shares of the software company’s stock worth $1,112,000 after purchasing an additional 477 shares during the last quarter. Front Row Advisors LLC raised its position in Adobe by 1,114.0% in the 3rd quarter. Front Row Advisors LLC now owns 5,912 shares of the software company’s stock worth $1,627,000 after purchasing an additional 5,425 shares during the last quarter. Finally, Greenwood Gearhart Inc. raised its position in Adobe by 7.8% in the 3rd quarter. Greenwood Gearhart Inc. now owns 25,489 shares of the software company’s stock worth $7,016,000 after purchasing an additional 1,839 shares during the last quarter. Institutional investors own 79.36% of the company’s stock.

Adobe Trading Up 2.8 %

Adobe stock opened at $333.33 on Wednesday. The firm has a 50-day moving average of $352.39 and a 200-day moving average of $334.17. Adobe Inc. has a one year low of $274.73 and a one year high of $473.49. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $152.86 billion, a price-to-earnings ratio of 33.00, a P/E/G ratio of 2.06 and a beta of 1.27.

Adobe (NASDAQ:ADBE – Get Rating) last posted its quarterly earnings data on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, hitting analysts’ consensus estimates of $2.78. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.52 billion. On average, equities analysts expect that Adobe Inc. will post 12.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Piper Sandler upped their target price on shares of Adobe from $380.00 to $415.00 and gave the company an “overweight” rating in a research report on Monday, January 9th. BMO Capital Markets upped their target price on shares of Adobe from $390.00 to $395.00 and gave the company a “market perform” rating in a research report on Friday, March 10th. Citigroup upped their target price on shares of Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research report on Monday, December 19th. Morgan Stanley upped their target price on shares of Adobe from $337.00 to $382.00 and gave the company an “equal weight” rating in a research report on Friday, December 16th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, February 9th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $418.56.

Insider Transactions at Adobe

In other news, EVP Dana Rao sold 5,018 shares of the stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at approximately $4,997,345.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Scott Belsky sold 2,906 shares of the company’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $1,032,850.52. Following the sale, the executive vice president now directly owns 26,475 shares of the company’s stock, valued at approximately $9,409,744.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the sale, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The disclosure for this sale can be found here. Insiders sold a total of 26,265 shares of company stock worth $9,067,344 in the last three months. Insiders own 0.24% of the company’s stock.

Adobe Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.