Csenge Advisory Group Sells 531 Shares of Adobe Inc. (NASDAQ:ADBE)

Csenge Advisory Group trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 15.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,873 shares of the software company’s stock after selling 531 shares during the quarter. Csenge Advisory Group’s holdings in Adobe were worth $1,278,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ADBE. Creative Planning raised its holdings in Adobe by 34.9% during the 3rd quarter. Creative Planning now owns 165,167 shares of the software company’s stock worth $84,750,000 after purchasing an additional 42,736 shares during the last quarter. Swedbank AB raised its holdings in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. nVerses Capital LLC bought a new stake in Adobe during the 3rd quarter worth about $155,000. Good Life Advisors LLC raised its holdings in Adobe by 56.3% during the 3rd quarter. Good Life Advisors LLC now owns 880 shares of the software company’s stock worth $456,000 after purchasing an additional 317 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its holdings in Adobe by 0.9% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 15,827 shares of the software company’s stock worth $8,195,000 after purchasing an additional 147 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 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.

Adobe Trading Up 0.2 %

Shares of Adobe stock opened at $460.16 on Monday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $607.32. The stock has a market cap of $200.31 billion, a P/E ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $446.56 and its 200-day moving average is $496.59.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on ADBE shares. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $590.00 target price on shares of Adobe in a research report on Thursday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Bank of America decreased their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently 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.