Kestra Investment Management LLC Sells 220 Shares of Adobe Inc. (NASDAQ:ADBE)

Kestra Investment Management LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,356 shares of the software company’s stock after selling 220 shares during the period. Kestra Investment Management LLC’s holdings in Adobe were worth $603,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC increased its holdings in shares of Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after buying an additional 147,981 shares in the last quarter. FMR LLC increased its holdings in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after buying an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after buying an additional 140,390 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BMO Capital Markets dropped their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Mizuho dropped their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

Shares of ADBE stock opened at $464.11 on Wednesday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The firm has a market capitalization of $202.03 billion, a price-to-earnings ratio of 37.43, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average of $443.14 and a 200-day moving average of $495.16.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction 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. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

Adobe 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.