PFG Investments LLC Sells 269 Shares of Adobe Inc. (NASDAQ:ADBE)

PFG Investments LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% during the 4th quarter, Holdings Channel reports. The fund owned 9,030 shares of the software company’s stock after selling 269 shares during the period. PFG Investments LLC’s holdings in Adobe were worth $4,015,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Mackenzie Financial Corp boosted its stake in Adobe by 0.7% during the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after acquiring an additional 451 shares in the last quarter. Annandale Capital LLC increased its holdings in Adobe by 10.5% during the second quarter. Annandale Capital LLC now owns 5,276 shares of the software company’s stock worth $2,931,000 after buying an additional 500 shares during the last quarter. Aviso Wealth Management increased its stake in shares of Adobe by 6.8% in the second quarter. Aviso Wealth Management now owns 487 shares of the software company’s stock worth $271,000 after purchasing an additional 31 shares in the last quarter. Magnolia Capital Advisors LLC boosted its position in shares of Adobe by 13.9% in the second quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock valued at $369,000 after acquiring an additional 81 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Adobe by 19.3% in the second quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock valued at $22,704,000 after acquiring an additional 6,622 shares during the period. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

Adobe stock opened at $435.38 on Monday. The firm has a market capitalization of $189.52 billion, a P/E ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average price of $468.14 and a 200 day moving average price of $507.66. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 20th. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Company 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.