Northeast Investment Management Sells 19,753 Shares of Adobe Inc. (NASDAQ:ADBE)

Northeast Investment Management lessened its position in Adobe Inc. (NASDAQ:ADBE) by 84.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,705 shares of the software company’s stock after selling 19,753 shares during the period. Northeast Investment Management’s holdings in Adobe were worth $1,648,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the third quarter worth about $26,000. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC raised its holdings in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new stake in Adobe in the third quarter worth $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADBE shares. Citigroup reduced their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Jefferies Financial Group cut their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Mizuho dropped their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the business’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 completion of the sale, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.5 %

Shares of Adobe stock opened at $433.07 on Friday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $628.07. 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 company’s 50 day moving average is $453.92 and its 200 day moving average is $499.63. The company has a market cap of $188.52 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 2.11 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 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm earned $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current 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.