Connable Office Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Connable Office Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,683 shares of the software company’s stock after selling 49 shares during the quarter. Connable Office Inc.’s holdings in Adobe were worth $1,638,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new position in Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC increased its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.3 %

NASDAQ ADBE opened at $438.49 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. 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 business’s fifty day simple moving average is $439.71 and its 200-day simple moving average is $491.24. The firm has a market cap of $190.87 billion, a PE ratio of 35.36, a P/E/G ratio of 2.15 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 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the firm earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $590.00 price target on shares of Adobe in a report on Thursday, February 13th. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Mizuho dropped their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last quarter. 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.