Checchi Capital Advisers LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Checchi Capital Advisers LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 3.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,255 shares of the software company’s stock after selling 143 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Adobe were worth $1,432,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. Integrated Investment Consultants LLC raised its stake in Adobe by 9.3% in the third quarter. Integrated Investment Consultants LLC now owns 881 shares of the software company’s stock valued at $242,000 after buying an additional 75 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Adobe by 57.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,323,561 shares of the software company’s stock valued at $364,245,000 after acquiring an additional 482,400 shares during the last quarter. M&G Investment Management Ltd. lifted its stake in Adobe by 7,370.9% during the fourth quarter. M&G Investment Management Ltd. now owns 85,094 shares of the software company’s stock worth $28,677,000 after purchasing an additional 83,955 shares in the last quarter. Bridgefront Capital LLC acquired a new position in Adobe during the 3rd quarter worth $225,000. Finally, Beaumont Financial Advisors LLC purchased a new stake in shares of Adobe during the 4th quarter worth $474,000. 79.36% of the stock is currently owned by institutional investors.

Adobe Trading Up 4.5 %

Shares of NASDAQ:ADBE traded up $17.61 during mid-day trading on Friday, hitting $409.67. The stock had a trading volume of 2,296,362 shares, compared to its average volume of 2,952,165. The company has a market cap of $187.92 billion, a PE ratio of 39.61, a P/E/G ratio of 2.23 and a beta of 1.31. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $451.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.12 and a current ratio of 1.12. The company’s 50 day moving average is $367.79 and its 200-day moving average is $351.95.

Adobe (NASDAQ:ADBE – Get Rating) last released its quarterly earnings results on Wednesday, March 15th. The software company reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.68 by $0.12. Adobe had a net margin of 26.32% and a return on equity of 36.53%. The firm had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period in the previous year, the business earned $2.84 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 12.26 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Barclays upped their price target on shares of Adobe from $340.00 to $385.00 in a report on Thursday, March 16th. Mizuho increased their target price on shares of Adobe from $370.00 to $375.00 in a research note on Thursday, March 16th. UBS Group raised their price objective on shares of Adobe from $350.00 to $400.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 15th. Piper Sandler reaffirmed an “overweight” rating and set a $415.00 price target on shares of Adobe in a research note on Wednesday, March 22nd. Finally, BMO Capital Markets lifted their price objective on shares of Adobe from $395.00 to $400.00 and gave the company a “market perform” rating in a research note on Thursday, March 16th. Sixteen research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $388.00.

Insider Activity at Adobe

In other Adobe news, Director John E. Warnock sold 3,000 shares of the stock in a transaction dated Wednesday, April 26th. The shares were sold at an average price of $364.43, for a total transaction of $1,093,290.00. Following the completion of the transaction, the director now owns 375,965 shares in the company, valued at $137,012,924.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $364.43, for a total value of $1,093,290.00. Following the sale, the director now directly owns 375,965 shares of the company’s stock, valued at $137,012,924.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John E. Warnock sold 1,500 shares of the firm’s stock in a transaction on Friday, March 17th. The stock was sold at an average price of $357.91, for a total value of $536,865.00. Following the completion of the transaction, the director now owns 378,965 shares in the company, valued at $135,635,363.15. The disclosure for this sale can be found here. Insiders sold 8,304 shares of company stock worth $3,055,314 over the last three months. Company insiders own 0.24% of the company’s stock.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.