Convergence Financial LLC Has $608,000 Position in Adobe Inc. (NASDAQ:ADBE)

Convergence Financial LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,368 shares of the software company’s stock after selling 31 shares during the quarter. Convergence Financial LLC’s holdings in Adobe were worth $608,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. GenTrust LLC boosted its position in Adobe by 5.0% in the fourth quarter. GenTrust LLC now owns 589 shares of the software company’s stock valued at $262,000 after buying an additional 28 shares in the last quarter. Heritage Investors Management Corp increased its position in Adobe by 11.6% in the 4th quarter. Heritage Investors Management Corp now owns 53,538 shares of the software company’s stock valued at $23,807,000 after buying an additional 5,562 shares in the last quarter. Whipplewood Advisors LLC bought a new position in shares of Adobe in the fourth quarter valued at $341,000. NewEdge Wealth LLC boosted its position in shares of Adobe by 2.6% during the fourth quarter. NewEdge Wealth LLC now owns 92,111 shares of the software company’s stock valued at $40,960,000 after buying an additional 2,297 shares during the last quarter. Finally, Impact Investors Inc bought a new position in Adobe during the fourth quarter valued at $265,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $441.50 on Thursday. 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 company has a market cap of $192.18 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The stock’s 50 day simple moving average is $439.88 and its two-hundred day simple moving average is $492.27.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated 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 owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 2,685 shares in the company, 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. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. Finally, Jefferies Financial Group dropped their target price 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. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Company 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.