Kornitzer Capital Management Inc. KS Sells 220 Shares of Adobe Inc. (NASDAQ:ADBE)

Kornitzer Capital Management Inc. KS lowered its position in Adobe Inc. (NASDAQ:ADBE) by 2.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 9,519 shares of the software company’s stock after selling 220 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Adobe were worth $4,233,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ADBE. Swedbank AB boosted its holdings in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the period. Vest Financial LLC boosted its holdings in Adobe by 217.2% in the 3rd quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock worth $1,181,000 after buying an additional 1,562 shares during the period. Trilogy Capital Inc. boosted its holdings in Adobe by 20.9% in the 3rd quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock worth $1,727,000 after buying an additional 576 shares during the period. Raleigh Capital Management Inc. boosted its holdings in Adobe by 6.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock worth $433,000 after buying an additional 50 shares during the period. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Adobe by 9.7% during the 3rd quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock valued at $14,239,000 after purchasing an additional 2,438 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.9 %

Shares of Adobe stock opened at $464.11 on Wednesday. The firm has a 50-day simple moving average of $443.14 and a two-hundred day simple moving average of $495.16. The company has a market cap of $202.03 billion, a P/E ratio of 37.43, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly 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 net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research reports. Royal Bank of Canada reissued an “outperform” rating and set a $590.00 price objective on shares of Adobe in a report on Thursday, February 13th. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.