Adobe Inc. (NASDAQ:ADBE) Shares Sold by Connable Office Inc.

Connable Office Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,683 shares of the software company’s stock after selling 49 shares during the quarter. Connable Office Inc.’s holdings in Adobe were worth $1,638,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new position in Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC grew its position 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 in the last quarter. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe in the 4th quarter valued at about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction 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 transaction, the director now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADBE shares. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 20th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. BMO Capital Markets lowered their price objective on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Price Performance

Adobe stock opened at $438.49 on Friday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. 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 business has a 50 day simple moving average of $439.71 and a 200-day simple moving average of $491.24. The stock has a market capitalization of $190.87 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

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

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.