Navellier & Associates Inc. Sells 1,870 Shares of Adobe Inc. (NASDAQ:ADBE)

Navellier & Associates Inc. cut its position in Adobe Inc. (NASDAQ:ADBE) by 59.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,260 shares of the software company’s stock after selling 1,870 shares during the quarter. Navellier & Associates Inc.’s holdings in Adobe were worth $560,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the third quarter valued at about $26,000. Groupama Asset Managment increased its stake in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter valued at about $30,000. True Wealth Design LLC increased its stake in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday. They set a “neutral” rating for the company. Finally, BMO Capital Markets decreased their target price on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Activity

In related news, Director Amy Banse sold 606 shares of Adobe 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 sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $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 have sold 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Down 2.3 %

ADBE stock opened at $444.32 on Friday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. 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 stock’s 50 day moving average is $440.46 and its 200-day moving average is $494.02. The firm has a market capitalization of $193.41 billion, a PE ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 analyst estimates of $5.54 billion. During the same quarter last year, the company earned $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.