Sander Capital Advisors Inc. Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Sander Capital Advisors Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 18.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 11,904 shares of the software company’s stock after selling 2,757 shares during the period. Adobe accounts for about 2.4% of Sander Capital Advisors Inc.’s holdings, making the stock its 6th biggest holding. Sander Capital Advisors Inc.’s holdings in Adobe were worth $5,293,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Commonwealth Financial Services LLC boosted its holdings in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Onyx Bridge Wealth Group LLC raised its position in shares of Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after buying an additional 20 shares in the last quarter. Connable Office Inc. lifted its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the last quarter. 1ST Source Bank lifted its stake in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Finally, Sfmg LLC lifted its stake in Adobe by 3.1% during the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after purchasing an additional 21 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 2.0 %

NASDAQ:ADBE traded down $8.55 on Tuesday, reaching $422.63. 4,161,625 shares of the company’s stock were exchanged, compared to its average volume of 4,048,743. The business has a fifty day moving average of $489.31 and a 200-day moving average of $520.13. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $420.51 and a 52-week high of $638.25. The firm has a market capitalization of $186.04 billion, a price-to-earnings ratio of 34.08, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

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 return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company earned $3.52 earnings per share. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Oppenheimer lowered their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $580.65.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is owned by corporate insiders.

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.