Talbot Financial LLC Sells 351 Shares of Adobe Inc. (NASDAQ:ADBE)

Talbot Financial LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 37,064 shares of the software company’s stock after selling 351 shares during the period. Adobe comprises 2.0% of Talbot Financial LLC’s investment portfolio, making the stock its 13th largest position. Talbot Financial LLC’s holdings in Adobe were worth $16,482,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. CoreCap Advisors LLC purchased a new position in shares of Adobe during the 2nd quarter worth $380,000. J.W. Cole Advisors Inc. boosted its stake in Adobe by 9.1% in the second quarter. J.W. Cole Advisors Inc. now owns 4,512 shares of the software company’s stock valued at $2,507,000 after acquiring an additional 377 shares in the last quarter. Seven Mile Advisory boosted its stake in Adobe by 12.8% in the second quarter. Seven Mile Advisory now owns 1,085 shares of the software company’s stock valued at $603,000 after acquiring an additional 123 shares in the last quarter. Diversify Wealth Management LLC acquired a new stake in shares of Adobe during the second quarter worth $6,320,000. Finally, Breakwater Investment Management lifted its stake in shares of Adobe by 32.0% during the second quarter. Breakwater Investment Management now owns 367 shares of the software company’s stock worth $204,000 after buying an additional 89 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $575.85.

Adobe Price Performance

NASDAQ:ADBE traded up $2.01 during mid-day trading on Monday, hitting $407.93. 2,277,525 shares of the company’s stock traded hands, compared to its average volume of 3,926,317. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50 day simple moving average is $484.01 and its 200 day simple moving average is $517.00. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a market cap of $179.57 billion, a PE ratio of 32.90, a price-to-earnings-growth ratio of 2.51 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the company earned $3.52 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the firm’s 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 sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 in the last ninety days. Insiders own 0.15% of the company’s stock.

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.