Verdence Capital Advisors LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Verdence Capital Advisors LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,870 shares of the software company’s stock after selling 49 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Adobe were worth $2,166,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Aigen Investment Management LP purchased a new stake in shares of Adobe during the 4th quarter valued at about $2,634,000. Proficio Capital Partners LLC raised its position in Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after purchasing an additional 1,083 shares during the period. Assetmark Inc. raised its position in Adobe by 66.3% in the 4th quarter. Assetmark Inc. now owns 33,787 shares of the software company’s stock worth $15,024,000 after purchasing an additional 13,464 shares during the period. Triad Wealth Partners LLC purchased a new stake in Adobe in the 4th quarter worth about $307,000. Finally, Victory Capital Management Inc. raised its position in Adobe by 12.4% in the 4th quarter. Victory Capital Management Inc. now owns 522,917 shares of the software company’s stock worth $232,531,000 after purchasing an additional 57,634 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 1.2 %

NASDAQ:ADBE opened at $451.24 on Thursday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The firm has a 50 day moving average of $439.61 and a 200 day moving average of $488.77. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $3.52 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was 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 approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 15th. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Jefferies Financial Group reduced their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.