Condor Capital Management Sells 247 Shares of Adobe Inc. (NASDAQ:ADBE)

Condor Capital Management trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,649 shares of the software company’s stock after selling 247 shares during the quarter. Condor Capital Management’s holdings in Adobe were worth $2,957,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Proficio Capital Partners LLC grew its holdings in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the period. FMR LLC boosted its holdings in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Raymond James Financial Inc. bought a new position in shares of Adobe in the fourth quarter worth $243,827,000. Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd bought a new position in shares of Adobe in the fourth quarter worth $110,744,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.9 %

Shares of NASDAQ:ADBE opened at $387.89 on Thursday. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a market cap of $168.89 billion, a PE ratio of 31.28, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock’s 50-day moving average is $435.13 and its 200 day moving average is $478.38.

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

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction 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 directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. KeyCorp cut their price target on Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a report on Thursday, March 13th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus dropped their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $538.80.

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.