Cannell & Spears LLC Has $36.45 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cannell & Spears LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 25.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 81,972 shares of the software company’s stock after selling 28,256 shares during the period. Cannell & Spears LLC’s holdings in Adobe were worth $36,451,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. 1ST Source Bank raised its holdings in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. Foster Group Inc. lifted its position in shares of Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after acquiring an additional 23 shares during the period. Veery Capital LLC increased its holdings in shares of Adobe by 1.9% during the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after acquiring an additional 24 shares during the last quarter. Finally, Cornerstone Wealth Management LLC lifted its holdings in Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock valued at $590,000 after purchasing an additional 24 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Trading Down 2.6 %

NASDAQ ADBE opened at $385.71 on Monday. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The business’s fifty day moving average is $431.81 and its 200 day moving average is $468.92. 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 company has a market cap of $164.39 billion, a price-to-earnings ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

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

Wall Street Analyst Weigh In

Several equities analysts have commented on ADBE shares. Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $530.00 price target on shares of Adobe in a report on Wednesday, March 19th. Morgan Stanley reduced their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. Finally, DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $533.85.

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.