Adobe Inc. (NASDAQ:ADBE) Shares Sold by GPM Growth Investors Inc.

GPM Growth Investors Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 4th quarter, Holdings Channel reports. The firm owned 6,486 shares of the software company’s stock after selling 125 shares during the period. Adobe makes up approximately 1.2% of GPM Growth Investors Inc.’s portfolio, making the stock its 29th largest holding. GPM Growth Investors Inc.’s holdings in Adobe were worth $2,884,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Nordea Investment Management AB lifted its position in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board increased its stake in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares during the period. Morse Asset Management Inc increased its stake in Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after buying an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after buying an additional 1,326 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. BMO Capital Markets dropped their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Redburn Atlantic began coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $570.88.

Adobe Price Performance

NASDAQ:ADBE opened at $451.24 on Thursday. The company has a 50-day moving average of $439.61 and a 200-day moving average of $488.77. The company has a market capitalization of $196.42 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $403.75 and a 52 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 data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during 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%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the firm earned $3.52 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.