Sentry Investment Management LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Sentry Investment Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,687 shares of the software company’s stock after selling 131 shares during the period. Adobe comprises approximately 0.6% of Sentry Investment Management LLC’s portfolio, making the stock its 28th largest position. Sentry Investment Management LLC’s holdings in Adobe were worth $1,195,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ADBE. Trifecta Capital Advisors LLC increased its stake in shares of Adobe by 4.3% during the fourth quarter. Trifecta Capital Advisors LLC now owns 9,368 shares of the software company’s stock worth $4,166,000 after buying an additional 385 shares during the period. Pine Valley Investments Ltd Liability Co grew its holdings in Adobe by 5.8% during the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 26,895 shares of the software company’s stock worth $11,960,000 after acquiring an additional 1,463 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Adobe by 54.6% in the 4th quarter. Impax Asset Management Group plc now owns 2,189 shares of the software company’s stock valued at $973,000 after purchasing an additional 773 shares in the last quarter. Quartz Partners LLC lifted its position in shares of Adobe by 11.8% during the 4th quarter. Quartz Partners LLC now owns 4,078 shares of the software company’s stock worth $1,813,000 after purchasing an additional 431 shares during the last quarter. Finally, W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in Adobe by 0.6% in the fourth quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 30,713 shares of the software company’s stock valued at $13,657,000 after buying an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $444.42 on Tuesday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The company has a 50-day moving average price of $440.12 and a 200 day moving average price of $493.28. The company has a market cap of $193.46 billion, a P/E ratio of 35.84, a PEG ratio of 2.15 and a beta of 1.31. 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 posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on ADBE shares. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Bank of America cut their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets dropped their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Finally, Barclays decreased their price objective 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 equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insider Buying and Selling at Adobe

In other Adobe 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 value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by company insiders.

Adobe Company 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.