Tocqueville Asset Management L.P. Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Tocqueville Asset Management L.P. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 123,189 shares of the software company’s stock after selling 3,570 shares during the period. Adobe makes up approximately 0.9% of Tocqueville Asset Management L.P.’s investment portfolio, making the stock its 23rd biggest position. Tocqueville Asset Management L.P.’s holdings in Adobe were worth $54,780,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC bought a new stake in Adobe during the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC raised its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the last quarter. Briaud Financial Planning Inc bought a new stake in Adobe during the 3rd quarter valued at $36,000. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ADBE shares. Redburn Atlantic initiated coverage on shares of Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday. Royal Bank of Canada decreased their price objective on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Bank of America lowered their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.60.

Adobe Price Performance

ADBE stock opened at $394.74 on Monday. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company’s fifty day moving average price is $437.03 and its 200-day moving average price is $481.50. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $171.87 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is owned by corporate insiders.

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.