Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. lessened its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 141,003 shares of the software company’s stock after selling 1,800 shares during the quarter. Bridges Investment Management Inc.’s holdings in Adobe were worth $62,701,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ADBE. Swedbank AB increased its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares during the period. EMC Capital Management increased its stake in Adobe by 289.3% in the 3rd quarter. EMC Capital Management now owns 1,168 shares of the software company’s stock valued at $605,000 after buying an additional 868 shares during the period. Dash Acquisitions Inc. increased its stake in Adobe by 7.2% in the 3rd quarter. Dash Acquisitions Inc. now owns 25,085 shares of the software company’s stock valued at $12,134,000 after buying an additional 1,688 shares during the period. Farther Finance Advisors LLC increased its stake in Adobe by 5.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,629 shares of the software company’s stock valued at $4,467,000 after buying an additional 468 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in Adobe by 3.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company’s stock valued at $1,408,000 after buying an additional 93 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last quarter. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. BMO Capital Markets dropped their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, UBS Group dropped their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Trading Up 0.3 %

ADBE opened at $438.49 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The firm has a 50-day moving average price of $439.71 and a two-hundred day moving average price of $490.93.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 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 company posted $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, 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.