Quilter Plc Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Quilter Plc reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,705 shares of the software company’s stock after selling 3,001 shares during the quarter. Quilter Plc’s holdings in Adobe were worth $16,322,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADBE. CRA Financial Services LLC increased its position in Adobe by 5.7% during the 3rd quarter. CRA Financial Services LLC now owns 534 shares of the software company’s stock valued at $277,000 after purchasing an additional 29 shares during the period. Montis Financial LLC purchased a new stake in shares of Adobe in the 3rd quarter worth about $362,000. Annex Advisory Services LLC grew its position in shares of Adobe by 9.2% in the 3rd quarter. Annex Advisory Services LLC now owns 34,487 shares of the software company’s stock worth $17,857,000 after buying an additional 2,892 shares during the period. City State Bank grew its position in shares of Adobe by 6.7% in the 3rd quarter. City State Bank now owns 874 shares of the software company’s stock worth $453,000 after buying an additional 55 shares during the period. Finally, Compton Wealth Advisory Group LLC grew its position in shares of Adobe by 4.9% in the 3rd quarter. Compton Wealth Advisory Group LLC now owns 5,267 shares of the software company’s stock worth $2,727,000 after buying an additional 247 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was 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 directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADBE. Sanford C. Bernstein dropped their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group lowered their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. UBS Group lowered their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. BMO Capital Markets lowered their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Piper Sandler lowered their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Down 0.5 %

NASDAQ:ADBE opened at $433.07 on Monday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $628.07. 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. The stock has a fifty day simple moving average of $453.92 and a 200-day simple moving average of $499.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.