Mutual Advisors LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Mutual Advisors LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 2.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 16,538 shares of the software company’s stock after selling 488 shares during the quarter. Mutual Advisors LLC’s holdings in Adobe were worth $7,060,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. FMR LLC increased its position in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares during the period. Seilern Investment Management Ltd bought a new position in Adobe in the fourth quarter worth approximately $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in Adobe during the 3rd quarter valued at $126,703,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, DA Davidson decreased their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Check Out Our Latest Analysis on ADBE

Adobe Stock Performance

ADBE opened at $437.32 on Thursday. The stock has a market cap of $190.37 billion, a P/E ratio of 35.27, a P/E/G ratio of 2.08 and a beta of 1.31. 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 firm has a fifty day moving average price of $471.36 and a 200 day moving average price of $509.54. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25.

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

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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