Adobe Inc. (NASDAQ:ADBE) Shares Sold by Amalgamated Bank

Amalgamated Bank decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.0% in the 4th quarter, HoldingsChannel reports. The firm owned 92,145 shares of the software company’s stock after selling 4,896 shares during the period. Amalgamated Bank’s holdings in Adobe were worth $40,975,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Morse Asset Management Inc increased its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. BMO Capital Markets dropped their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 target price on shares of Adobe in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $444.42 on Tuesday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s fifty day moving average price is $440.12 and its two-hundred day moving average price is $493.28. The firm has a market capitalization of $193.46 billion, a PE ratio of 35.84, a P/E/G ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current 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.