Adobe Inc. (NASDAQ:ADBE) Shares Sold by Whittier Trust Co.

Whittier Trust Co. trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 6.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,698 shares of the software company’s stock after selling 495 shares during the quarter. Whittier Trust Co.’s holdings in Adobe were worth $3,423,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. FMR LLC grew its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Adobe in the 4th quarter worth $243,827,000. Assenagon Asset Management S.A. grew its holdings in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe in the 4th quarter worth $110,744,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Trading Down 0.6 %

Adobe stock opened at $387.26 on Friday. 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 business’s 50-day simple moving average is $434.16 and its 200-day simple moving average is $476.46. The firm has a market capitalization of $168.62 billion, a PE ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

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.