GraniteShares Advisors LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

GraniteShares Advisors LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,185 shares of the software company’s stock after selling 72 shares during the quarter. GraniteShares Advisors LLC’s holdings in Adobe were worth $1,416,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. JFG Wealth Management LLC purchased a new position in Adobe during the fourth quarter valued at approximately $730,000. Kirtland Hills Capital Management LLC raised its position in Adobe by 61.8% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 1,272 shares of the software company’s stock valued at $566,000 after acquiring an additional 486 shares in the last quarter. ARK Investment Management LLC raised its position in Adobe by 219.9% during the fourth quarter. ARK Investment Management LLC now owns 483 shares of the software company’s stock valued at $215,000 after acquiring an additional 332 shares in the last quarter. FFT Wealth Management LLC increased its position in shares of Adobe by 5.1% in the fourth quarter. FFT Wealth Management LLC now owns 1,145 shares of the software company’s stock valued at $509,000 after buying an additional 56 shares in the last quarter. Finally, Longbow Finance SA increased its position in shares of Adobe by 5.0% in the fourth quarter. Longbow Finance SA now owns 14,170 shares of the software company’s stock valued at $6,301,000 after buying an additional 671 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock opened at $443.41 on Wednesday. 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 firm’s 50-day moving average is $439.88 and its two-hundred day moving average is $492.62. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The company has a market capitalization of $193.02 billion, a PE ratio of 35.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the firm earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 20th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were 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 $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now 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 disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. 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.