Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Sciencast Management LP

Sciencast Management LP decreased its position in Adobe Inc. (NASDAQ:ADBE) by 49.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,647 shares of the software company’s stock after selling 2,559 shares during the period. Sciencast Management LP’s holdings in Adobe were worth $1,177,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. True Wealth Design LLC grew its position in Adobe by 141.7% in 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 last quarter. Decker Retirement Planning Inc. bought a new position in Adobe in the 4th quarter worth about $31,000. Finally, Caitlin John LLC grew its position in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.6 %

Adobe stock opened at $387.26 on Friday. The company has a market capitalization of $168.62 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. The firm’s fifty day simple moving average is $434.16 and its 200-day simple moving average is $475.80. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on ADBE shares. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 transaction of $1,643,086.56. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.16% of the stock is currently 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.