Condor Capital Management Has $2.96 Million Position in Adobe Inc. (NASDAQ:ADBE)

Condor Capital Management lessened its position in Adobe Inc. (NASDAQ:ADBE) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,649 shares of the software company’s stock after selling 247 shares during the period. Condor Capital Management’s holdings in Adobe were worth $2,957,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Swedbank AB increased its holdings in Adobe by 0.3% in 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 in the last quarter. United Bank grew its position in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares during the last quarter. Quest Partners LLC grew its position in shares of Adobe by 322.1% in the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock valued at $1,285,000 after buying an additional 1,894 shares during the last quarter. Meeder Asset Management Inc. grew its position in shares of Adobe by 31.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock valued at $133,000 after buying an additional 61 shares during the last quarter. Finally, BIP Wealth LLC grew its position in shares of Adobe by 8.5% in the 3rd quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock valued at $627,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Robert W. Baird reduced their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday. Oppenheimer reduced their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Redburn Atlantic assumed coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $530.00 target price on shares of Adobe in a research report on Wednesday. Finally, StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $538.80.

Adobe Stock Performance

Shares of Adobe stock opened at $387.89 on Thursday. The company has a market cap of $168.89 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The business has a 50 day moving average price of $435.13 and a 200-day moving average price of $478.38. 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 issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business posted $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.