Sit Investment Associates Inc. Sells 4,604 Shares of Adobe Inc. (NASDAQ:ADBE)

Sit Investment Associates Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 10.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,659 shares of the software company’s stock after selling 4,604 shares during the period. Sit Investment Associates Inc.’s holdings in Adobe were worth $18,525,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment boosted its position in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares in the last quarter. Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the fourth quarter worth $31,000. Summit Securities Group LLC bought a new position in shares of Adobe in the 4th quarter valued at $31,000. Finally, Caitlin John LLC boosted its holdings in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $349.07 on Friday. The business’s fifty day moving average is $425.66 and its 200 day moving average is $463.96. Adobe Inc. has a 12-month low of $348.80 and a 12-month high of $587.75. 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 stock has a market cap of $148.77 billion, a P/E ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Redburn Atlantic assumed coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Wells Fargo & Company dropped their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Robert W. Baird reduced their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Finally, UBS Group set a $495.00 price objective on shares of Adobe in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $531.54.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. 0.16% of the stock is currently owned by insiders.

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.