Great Diamond Partners LLC Sells 37 Shares of Adobe Inc. (NASDAQ:ADBE)

Great Diamond Partners LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 709 shares of the software company’s stock after selling 37 shares during the quarter. Great Diamond Partners LLC’s holdings in Adobe were worth $315,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Czech National Bank lifted its position in shares of Adobe by 5.8% during the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock worth $46,768,000 after purchasing an additional 4,954 shares in the last quarter. Unique Wealth LLC boosted its position in Adobe by 17.0% in the 3rd quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock valued at $1,826,000 after buying an additional 512 shares during the last quarter. Canandaigua National Bank & Trust Co. boosted its position in Adobe by 10.8% in the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 7,005 shares of the software company’s stock valued at $3,627,000 after buying an additional 685 shares during the last quarter. Apella Capital LLC raised its position in shares of Adobe by 6.2% during the third quarter. Apella Capital LLC now owns 631 shares of the software company’s stock worth $319,000 after acquiring an additional 37 shares during the last quarter. Finally, Private Client Services LLC lifted its stake in shares of Adobe by 10.0% during the third quarter. Private Client Services LLC now owns 3,642 shares of the software company’s stock valued at $1,886,000 after acquiring an additional 331 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. UBS Group dropped their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

ADBE opened at $437.45 on Friday. 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 company has a market capitalization of $190.42 billion, a price-to-earnings ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31. The business’s 50-day moving average price is $463.46 and its two-hundred day moving average price is $504.74. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 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 return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.