Meritage Portfolio Management Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Meritage Portfolio Management reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,141 shares of the software company’s stock after selling 517 shares during the period. Meritage Portfolio Management’s holdings in Adobe were worth $12,514,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Czech National Bank raised its holdings in Adobe by 5.8% in the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after buying an additional 4,954 shares during the period. Diversified Trust Co increased its position in shares of Adobe by 10.8% in the third quarter. Diversified Trust Co now owns 6,446 shares of the software company’s stock worth $3,338,000 after acquiring an additional 630 shares in the last quarter. Smith Anglin Financial LLC raised its stake in shares of Adobe by 6.1% in the 3rd quarter. Smith Anglin Financial LLC now owns 657 shares of the software company’s stock valued at $340,000 after acquiring an additional 38 shares during the period. Miracle Mile Advisors LLC lifted its holdings in shares of Adobe by 10.8% during the 3rd quarter. Miracle Mile Advisors LLC now owns 1,577 shares of the software company’s stock valued at $817,000 after acquiring an additional 154 shares in the last quarter. Finally, City Center Advisors LLC purchased a new stake in Adobe during the 3rd quarter worth $448,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE opened at $440.23 on Wednesday. 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 firm’s 50 day moving average is $458.66 and its 200-day moving average is $501.38. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $634.59. The stock has a market capitalization of $191.63 billion, a P/E ratio of 35.50, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 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 the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Wells Fargo & Company decreased their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Mizuho dropped their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One equities 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last ninety days. Corporate 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.