Adobe Inc. (NASDAQ:ADBE) Stake Lessened by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 34.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,080 shares of the software company’s stock after selling 12,804 shares during the period. Exchange Traded Concepts LLC’s holdings in Adobe were worth $10,708,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter worth $26,000. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe in the 3rd quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADBE. Royal Bank of Canada cut their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $435.67 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $189.65 billion, a PE ratio of 35.21, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The firm’s 50 day moving average price is $471.36 and its 200 day moving average price is $509.54.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.52 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS 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.