Cigna Investments Inc. New Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Cigna Investments Inc. New lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,539 shares of the software company’s stock after selling 45 shares during the period. Cigna Investments Inc. New’s holdings in Adobe were worth $2,018,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Sound Income Strategies LLC raised its stake in Adobe by 27.1% in the third quarter. Sound Income Strategies LLC now owns 253 shares of the software company’s stock worth $131,000 after buying an additional 54 shares in the last quarter. Martin Capital Advisors LLP grew its holdings in Adobe by 1.7% in the third quarter. Martin Capital Advisors LLP now owns 2,126 shares of the software company’s stock worth $1,101,000 after purchasing an additional 36 shares during the last quarter. Willis Investment Counsel grew its holdings in Adobe by 2.7% in the third quarter. Willis Investment Counsel now owns 15,903 shares of the software company’s stock worth $8,234,000 after purchasing an additional 416 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its holdings in Adobe by 5.1% in the third quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock worth $265,000 after purchasing an additional 25 shares during the last quarter. Finally, Smith Chas P & Associates PA Cpas grew its holdings in Adobe by 2.5% in the third quarter. Smith Chas P & Associates PA Cpas now owns 1,300 shares of the software company’s stock worth $673,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 4.2 %

ADBE stock opened at $451.10 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $626.34. The firm’s 50-day simple moving average is $453.92 and its 200 day simple moving average is $499.09. The stock has a market cap of $196.36 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.52 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADBE. Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Citigroup lowered their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Jefferies Financial Group decreased their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a research report 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.