Keudell Morrison Wealth Management Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Keudell Morrison Wealth Management lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,473 shares of the software company’s stock after selling 188 shares during the period. Keudell Morrison Wealth Management’s holdings in Adobe were worth $1,100,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC raised its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. FMR LLC raised its position 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 valued at $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the period. Seilern Investment Management Ltd acquired a new stake in Adobe during the fourth quarter worth approximately $110,744,000. Finally, Erste Asset Management GmbH purchased a new stake in Adobe in the 3rd quarter worth approximately $126,703,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on ADBE shares. Wells Fargo & Company decreased their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. UBS Group decreased their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Finally, Royal Bank of Canada dropped their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Performance

Adobe stock opened at $446.00 on Friday. The company has a market cap of $194.14 billion, a PE ratio of 35.97, a P/E/G ratio of 2.14 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a fifty day moving average price of $463.46 and a two-hundred day moving average price of $504.74. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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

Insider Buying and Selling

In other Adobe news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe 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.