Davidson Investment Advisors Sells 2,090 Shares of Adobe Inc. (NASDAQ:ADBE)

Davidson Investment Advisors lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 27,083 shares of the software company’s stock after selling 2,090 shares during the period. Davidson Investment Advisors’ holdings in Adobe were worth $12,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter worth about $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Adobe in the fourth quarter worth $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $460.16 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $607.32. The business has a 50 day simple moving average of $446.56 and a two-hundred day simple moving average of $496.20. The stock has a market capitalization of $200.31 billion, a PE ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADBE. Bank of America dropped their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Wells Fargo & Company lowered their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Stifel Nicolaus decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling at Adobe

In other news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe 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.