Sciencast Management LP Has $1.18 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Sciencast Management LP trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 49.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,647 shares of the software company’s stock after selling 2,559 shares during the period. Sciencast Management LP’s holdings in Adobe were worth $1,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in ADBE. Swedbank AB boosted its position in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares in the last quarter. United Bank boosted its position in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after acquiring an additional 428 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of Adobe during the 3rd quarter valued at about $1,099,000. Integrated Investment Consultants LLC boosted its position in shares of Adobe by 45.3% during the 3rd quarter. Integrated Investment Consultants LLC now owns 632 shares of the software company’s stock valued at $327,000 after acquiring an additional 197 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in Adobe by 13.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock valued at $8,330,000 after purchasing an additional 2,052 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Robert W. Baird cut their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday. Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $538.80.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’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 transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE opened at $387.26 on Friday. The stock has a market cap of $168.62 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. The firm has a 50 day moving average price of $434.16 and a 200 day moving average price of $475.80. 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 Inc. has a 52-week low of $374.50 and a 52-week high of $587.75.

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

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.