Crew Capital Management Ltd. Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Crew Capital Management Ltd. trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 11.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,892 shares of the software company’s stock after selling 359 shares during the period. Adobe makes up 1.1% of Crew Capital Management Ltd.’s investment portfolio, making the stock its 17th largest holding. Crew Capital Management Ltd.’s holdings in Adobe were worth $1,286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment grew its position in shares of Adobe by 28.8% in the 3rd 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 last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe during the 4th quarter worth $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. Sanford C. Bernstein decreased their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Mizuho decreased their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $446.03 on Wednesday. The company has a market cap of $194.16 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50-day simple moving average of $439.55 and a 200-day simple moving average of $489.03.

Adobe (NASDAQ:ADBE) last released 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. 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 period in the previous year, the firm earned $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on 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 directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by company insiders.

About Adobe

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.