Adobe Inc. (NASDAQ:ADBE) Shares Sold by United Services Automobile Association

United Services Automobile Association decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,255 shares of the software company’s stock after selling 197 shares during the period. United Services Automobile Association’s holdings in Adobe were worth $4,560,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Angeles Investment Advisors LLC increased its holdings in shares of Adobe by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 2,510 shares of the software company’s stock valued at $1,116,000 after purchasing an additional 24 shares during the last quarter. Congress Wealth Management LLC DE grew its holdings in Adobe by 4.0% in the 4th quarter. Congress Wealth Management LLC DE now owns 7,128 shares of the software company’s stock valued at $3,170,000 after buying an additional 272 shares in the last quarter. Twin City Private Wealth LLC increased its stake in shares of Adobe by 19.0% in the 4th quarter. Twin City Private Wealth LLC now owns 1,919 shares of the software company’s stock worth $853,000 after acquiring an additional 307 shares during the last quarter. Dillon & Associates Inc. raised its holdings in shares of Adobe by 9.4% during the 4th quarter. Dillon & Associates Inc. now owns 3,971 shares of the software company’s stock worth $1,767,000 after acquiring an additional 342 shares during the period. Finally, McCollum Christoferson Group LLC boosted its position in shares of Adobe by 6.3% during the 4th quarter. McCollum Christoferson Group LLC now owns 6,749 shares of the software company’s stock valued at $3,001,000 after acquiring an additional 402 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated 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 directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $387.26 on Monday. The business has a 50 day moving average price of $434.16 and a 200 day moving average price of $475.10. 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 $168.62 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 EPS. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Evercore ISI dropped their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $538.80.

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.