Norden Group LLC Has $6.03 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Norden Group LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 13,570 shares of the software company’s stock after selling 344 shares during the quarter. Adobe makes up about 0.7% of Norden Group LLC’s portfolio, making the stock its 29th largest holding. Norden Group LLC’s holdings in Adobe were worth $6,034,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the third quarter worth $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the third quarter worth $30,000. True Wealth Design LLC increased its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in Adobe during the fourth quarter worth $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ADBE shares. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 20th. Finally, Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Trading Up 0.3 %

NASDAQ ADBE opened at $438.49 on Friday. The stock has a market capitalization of $190.87 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. 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 business’s fifty day moving average is $439.71 and its 200-day moving average is $490.93.

Adobe (NASDAQ:ADBE) last released 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. The company 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 revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.52 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.