Broderick Brian C Has $731,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Broderick Brian C lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 71.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,644 shares of the software company’s stock after selling 4,170 shares during the quarter. Broderick Brian C’s holdings in Adobe were worth $731,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. 1ST Source Bank lifted its holdings in Adobe by 0.7% during 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 last quarter. Foster Group Inc. grew its stake in Adobe by 4.6% in the 4th 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 raised its holdings in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the period. Veery Capital LLC lifted its position in Adobe by 1.9% during the fourth 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 position in Adobe by 1.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after acquiring an additional 24 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE stock opened at $367.25 on Friday. The firm has a market capitalization of $156.52 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $427.38 and its 200-day moving average price is $465.15. Adobe Inc. has a 12 month low of $359.66 and a 12 month high of $587.75.

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

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s 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 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Citigroup lowered their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company lowered their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday. UBS Group set a $495.00 price target on shares of Adobe in a research note on Thursday, March 13th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $531.54.

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.