Bigelow Investment Advisors LLC Sells 103 Shares of Adobe Inc. (NASDAQ:ADBE)

Bigelow Investment Advisors LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 9.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,032 shares of the software company’s stock after selling 103 shares during the quarter. Bigelow Investment Advisors LLC’s holdings in Adobe were worth $459,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Swedbank AB boosted its position in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the period. Vest Financial LLC raised its stake in shares of Adobe by 217.2% during the third quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock valued at $1,181,000 after acquiring an additional 1,562 shares during the last quarter. Trilogy Capital Inc. lifted its holdings in shares of Adobe by 20.9% during the third quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock worth $1,727,000 after purchasing an additional 576 shares during the period. Raleigh Capital Management Inc. grew its stake in shares of Adobe by 6.4% in the third quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock worth $433,000 after purchasing an additional 50 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its holdings in Adobe by 9.7% in the third quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock valued at $14,239,000 after purchasing an additional 2,438 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $464.11 on Wednesday. The company has a market cap of $202.03 billion, a PE 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. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The business has a 50 day moving average price of $443.14 and a 200-day moving average price of $495.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.52 EPS. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 target price on shares of Adobe in a report on Thursday, February 13th. Wells Fargo & Company cut their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Oppenheimer dropped their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity at Adobe

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 sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, 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. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

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.