Adobe Inc. (NASDAQ:ADBE) Shares Sold by Financial Management Professionals Inc.

Financial Management Professionals Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 21.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109 shares of the software company’s stock after selling 29 shares during the period. Financial Management Professionals Inc.’s holdings in Adobe were worth $48,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB increased its stake in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc boosted its stake in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.7 %

NASDAQ ADBE opened at $429.99 on Monday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The stock has a market cap of $189.28 billion, a PE ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The firm has a 50-day simple moving average of $476.55 and a 200 day simple moving average of $512.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released 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. The company had revenue of $5.61 billion for 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%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.52 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,763 shares of company stock worth $893,665. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. Oppenheimer reduced their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BMO Capital Markets decreased their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Company 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.