Edge Capital Group LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Edge Capital Group LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 83.6% in the fourth quarter, HoldingsChannel reports. The firm owned 252 shares of the software company’s stock after selling 1,283 shares during the period. Edge Capital Group LLC’s holdings in Adobe were worth $112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ADBE. GHE LLC boosted its stake in shares of Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after buying an additional 670 shares during the last quarter. IFP Advisors Inc lifted its holdings in Adobe by 9.6% in the fourth quarter. IFP Advisors Inc now owns 5,736 shares of the software company’s stock valued at $2,553,000 after acquiring an additional 502 shares during the period. Shariaportfolio Inc. boosted its position in Adobe by 9.2% in the 4th quarter. Shariaportfolio Inc. now owns 3,364 shares of the software company’s stock worth $1,496,000 after purchasing an additional 283 shares in the last quarter. RPG Investment Advisory LLC grew its stake in shares of Adobe by 1.4% during the 4th quarter. RPG Investment Advisory LLC now owns 23,604 shares of the software company’s stock worth $10,496,000 after purchasing an additional 332 shares during the period. Finally, Roffman Miller Associates Inc. PA increased its holdings in shares of Adobe by 6.1% during the 4th quarter. Roffman Miller Associates Inc. PA now owns 42,388 shares of the software company’s stock valued at $18,849,000 after purchasing an additional 2,429 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock opened at $444.42 on Tuesday. The firm’s 50-day moving average is $440.12 and its two-hundred day moving average is $493.28. Adobe Inc. has a 12 month low of $403.75 and a 12 month 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 company has a market capitalization of $193.46 billion, a PE ratio of 35.84, a price-to-earnings-growth ratio of 2.15 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 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.52 EPS. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the 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 sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % 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 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Jefferies Financial Group lowered their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Citigroup lowered their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. BMO Capital Markets cut their price target on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Bank of America lowered their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

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.