Simon Quick Advisors LLC Sells 373 Shares of Adobe Inc. (NASDAQ:ADBE)

Simon Quick Advisors LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,800 shares of the software company’s stock after selling 373 shares during the quarter. Simon Quick Advisors LLC’s holdings in Adobe were worth $4,803,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADBE. Public Sector Pension Investment Board raised its stake in shares of Adobe by 71.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 17,222 shares of the software company’s stock worth $9,568,000 after acquiring an additional 7,155 shares in the last quarter. Magnetar Financial LLC acquired a new position in shares of Adobe during the second quarter worth $597,000. Providence Capital Advisors LLC lifted its holdings in shares of Adobe by 38.8% during the 2nd quarter. Providence Capital Advisors LLC now owns 15,222 shares of the software company’s stock valued at $8,456,000 after purchasing an additional 4,255 shares during the last quarter. Mill Creek Capital Advisors LLC acquired a new stake in shares of Adobe in the 2nd quarter worth $220,000. Finally, Semmax Financial Advisors Inc. grew its stake in Adobe by 19.1% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 4,650 shares of the software company’s stock worth $2,489,000 after buying an additional 747 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on ADBE shares. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada dropped their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Up 1.5 %

Shares of ADBE opened at $436.36 on Wednesday. The firm has a market cap of $189.95 billion, a P/E ratio of 35.19, a PEG ratio of 2.08 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The stock’s 50 day moving average is $475.06 and its two-hundred day moving average is $511.05. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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, beating analysts’ consensus estimates 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 revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.52 EPS. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 over the last 90 days. Corporate 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.