Blue Trust Inc. Sells 4,230 Shares of Adobe Inc. (NASDAQ:ADBE)

Blue Trust Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 54.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,522 shares of the software company’s stock after selling 4,230 shares during the quarter. Blue Trust Inc.’s holdings in Adobe were worth $1,566,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in Adobe by 34.9% in the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock worth $84,750,000 after buying an additional 42,736 shares during the period. Swedbank AB lifted its stake in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the period. nVerses Capital LLC bought a new stake in shares of Adobe during the third quarter valued at approximately $155,000. Good Life Advisors LLC grew its stake in Adobe by 56.3% in the third quarter. Good Life Advisors LLC now owns 880 shares of the software company’s stock worth $456,000 after purchasing an additional 317 shares during the period. Finally, Bleakley Financial Group LLC raised its holdings in Adobe by 4.2% in the third quarter. Bleakley Financial Group LLC now owns 8,086 shares of the software company’s stock worth $4,187,000 after purchasing an additional 323 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.2 %

ADBE stock opened at $460.16 on Friday. The business’s 50-day moving average is $446.56 and its two-hundred day moving average is $496.88. The company has a market cap of $200.31 billion, a price-to-earnings ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $607.32. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Bank of America cut their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 target price on shares of Adobe in a report on Thursday. Sanford C. Bernstein cut their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe 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.