Asset Dedication LLC Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Asset Dedication LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 29.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,544 shares of the software company’s stock after selling 1,899 shares during the quarter. Asset Dedication LLC’s holdings in Adobe were worth $2,021,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC boosted its position in shares of Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. lifted its position in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares during the last quarter. 1ST Source Bank lifted its position in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the last quarter. Next Capital Management LLC lifted its position in Adobe by 3.2% in the second quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after buying an additional 21 shares during the last quarter. Finally, James J. Burns & Company LLC lifted its position in Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after buying an additional 22 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE opened at $442.70 on Wednesday. The business’s 50-day moving average is $465.79 and its two-hundred day moving average is $505.60. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $192.71 billion, a PE ratio of 35.70, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly 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 business 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 quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $3.52 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wells Fargo & Company lowered their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Oppenheimer reduced their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Stifel Nicolaus reduced their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe 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 sale, the director now directly owns 32,929 shares of the company’s stock, 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 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

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.