J. W. Coons Advisors LLC Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

J. W. Coons Advisors LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 18.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,522 shares of the software company’s stock after selling 350 shares during the quarter. J. W. Coons Advisors LLC’s holdings in Adobe were worth $677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. purchased a new stake in Adobe in the fourth quarter valued at approximately $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 2.3 %

ADBE opened at $444.32 on Monday. The stock has a market capitalization of $193.41 billion, a PE ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31. The firm’s fifty day moving average price is $440.46 and its 200 day moving average price is $493.88. 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 Inc. has a 12-month low of $403.75 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.52 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ADBE shares. Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Jefferies Financial Group reduced their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.