Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bleakley Financial Group LLC

Bleakley Financial Group LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 7,110 shares of the software company’s stock after selling 976 shares during the quarter. Bleakley Financial Group LLC’s holdings in Adobe were worth $3,162,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. NovaPoint Capital LLC grew its stake in shares of Adobe by 4.0% during the fourth quarter. NovaPoint Capital LLC now owns 1,560 shares of the software company’s stock worth $694,000 after purchasing an additional 60 shares in the last quarter. Trilogy Capital Inc. boosted its position in shares of Adobe by 47.4% during the 4th quarter. Trilogy Capital Inc. now owns 4,918 shares of the software company’s stock worth $2,187,000 after acquiring an additional 1,582 shares in the last quarter. Absher Wealth Management LLC increased its holdings in shares of Adobe by 74.3% in the 4th quarter. Absher Wealth Management LLC now owns 4,393 shares of the software company’s stock valued at $1,953,000 after acquiring an additional 1,872 shares during the last quarter. Choreo LLC lifted its stake in Adobe by 3.3% during the fourth quarter. Choreo LLC now owns 17,201 shares of the software company’s stock worth $7,663,000 after purchasing an additional 554 shares during the last quarter. Finally, Tectonic Advisors LLC boosted its holdings in Adobe by 12.8% in the fourth quarter. Tectonic Advisors LLC now owns 5,712 shares of the software company’s stock valued at $2,540,000 after purchasing an additional 650 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the business’s 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 completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Trading Down 0.5 %

Shares of Adobe stock opened at $435.40 on Friday. The business has a 50 day moving average price of $457.14 and a 200 day moving average price of $500.93. The company has a market capitalization of $189.53 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the business posted $3.52 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Citigroup lowered their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Wells Fargo & Company lowered their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Barclays decreased their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe 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.