SNS Financial Group LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

SNS Financial Group LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 488 shares of the software company’s stock after selling 73 shares during the quarter. SNS Financial Group LLC’s holdings in Adobe were worth $217,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. bought a new position in Adobe during the third quarter valued at about $30,000. True Wealth Design LLC increased its holdings in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Briaud Financial Planning Inc bought a new stake in Adobe in the third quarter worth about $36,000. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter valued at approximately $31,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the director now owns 32,929 shares of the company’s stock, 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 5,681 shares of company stock valued at $2,525,126 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.5 %

Shares of ADBE opened at $454.69 on Friday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a market capitalization of $197.93 billion, a P/E ratio of 36.67, a P/E/G ratio of 2.25 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’s 50 day simple moving average is $440.89 and its 200 day simple moving average is $494.61.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.