DT Investment Partners LLC Sells 74 Shares of Adobe Inc. (NASDAQ:ADBE)

DT Investment Partners LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 581 shares of the software company’s stock after selling 74 shares during the quarter. DT Investment Partners LLC’s holdings in Adobe were worth $258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC increased its holdings in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. increased its holdings in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank increased 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 worth $1,496,000 after purchasing an additional 20 shares during the period. James J. Burns & Company LLC increased its holdings in Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after purchasing an additional 22 shares during the period. Finally, Holistic Financial Partners increased its holdings in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after purchasing an additional 22 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. BMO Capital Markets reduced their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Oppenheimer cut their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, 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 report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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 represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred 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 $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

ADBE opened at $459.22 on Friday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $610.33. 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 company has a market cap of $199.90 billion, a P/E ratio of 37.03, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The firm’s 50-day moving average price is $449.99 and its 200-day moving average price is $497.68.

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, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.