Adobe Inc. (NASDAQ:ADBE) Shares Sold by Kensington Investment Counsel LLC

Kensington Investment Counsel LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,987 shares of the software company’s stock after selling 34 shares during the period. Kensington Investment Counsel LLC’s holdings in Adobe were worth $884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new stake in Adobe during the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter valued at about $30,000. True Wealth Design LLC grew its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in Adobe during the 3rd quarter valued at about $36,000. Finally, Decker Retirement Planning Inc. purchased a new stake in Adobe during the 4th quarter valued at about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling 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 value of $1,643,086.56. Following the completion of the sale, the executive vice president now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of Adobe stock opened at $399.34 on Tuesday. The business has a 50 day simple moving average of $436.39 and a two-hundred day simple moving average of $480.30. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The stock has a market capitalization of $173.88 billion, a P/E ratio of 32.20, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the firm earned $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Citigroup dropped their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Stifel Nicolaus lowered their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Mizuho lowered their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $540.60.

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.