Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sigma Planning Corp

Sigma Planning Corp lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,605 shares of the software company’s stock after selling 268 shares during the period. Sigma Planning Corp’s holdings in Adobe were worth $2,048,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Winebrenner Capital Management LLC acquired a new stake in shares of Adobe during the fourth quarter worth about $346,000. Prentice Wealth Management LLC boosted its stake in shares of Adobe by 6.0% during the fourth quarter. Prentice Wealth Management LLC now owns 1,567 shares of the software company’s stock worth $697,000 after buying an additional 89 shares during the period. Deseret Mutual Benefit Administrators lifted its position in Adobe by 7.1% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 465 shares of the software company’s stock worth $207,000 after acquiring an additional 31 shares during the period. Ipswich Investment Management Co. Inc. lifted its position in Adobe by 26.3% during the 4th quarter. Ipswich Investment Management Co. Inc. now owns 2,353 shares of the software company’s stock worth $1,046,000 after acquiring an additional 490 shares during the period. Finally, Bell Bank lifted its position in Adobe by 4.7% during the 4th quarter. Bell Bank now owns 1,259 shares of the software company’s stock worth $560,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $444.32 on Monday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The stock has a market cap of $193.41 billion, a price-to-earnings ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31. The business has a fifty day moving average of $440.46 and a 200-day moving average of $493.88. 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 (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. BMO Capital Markets reduced their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.