Armstrong Advisory Group Inc. Has $227,000 Position in Adobe Inc. (NASDAQ:ADBE)

Armstrong Advisory Group Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 37.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 510 shares of the software company’s stock after selling 300 shares during the quarter. Armstrong Advisory Group Inc.’s holdings in Adobe were worth $227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. State Street Corp lifted its stake in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares during the period. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. FMR LLC lifted its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC boosted its stake in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $417.28 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $481.07 and a two-hundred day simple moving average of $515.02. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The firm has a market cap of $183.69 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the company earned $3.52 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADBE. Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Citigroup cut their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Wells Fargo & Company reduced their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Royal Bank of Canada lowered their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, UBS Group reduced their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by corporate insiders.

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.