Narwhal Capital Management lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 19.6% during the fourth quarter, HoldingsChannel reports. The firm owned 7,436 shares of the software company’s stock after selling 1,812 shares during the quarter. Narwhal Capital Management’s holdings in Adobe were worth $3,307,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the third quarter valued at about $26,000. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the 3rd quarter valued at approximately $30,000. True Wealth Design LLC boosted its position 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 acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Adobe in the third quarter valued at approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on ADBE. Oppenheimer decreased their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a report on Monday, January 20th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.
Insider Activity at Adobe
In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred 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 owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.
Adobe Stock Down 0.4 %
ADBE opened at $435.38 on Monday. The stock has a fifty day moving average of $468.14 and a 200-day moving average of $507.66. The company has a market capitalization of $189.52 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping 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 business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company earned $3.52 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current 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.
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