Focus Financial Network Inc. Sells 421 Shares of Adobe Inc. (NASDAQ:ADBE)

Focus Financial Network Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 13.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,740 shares of the software company’s stock after selling 421 shares during the quarter. Focus Financial Network Inc.’s holdings in Adobe were worth $1,218,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Summit Trail Advisors LLC boosted its stake in shares of Adobe by 1.1% during the 4th quarter. Summit Trail Advisors LLC now owns 7,136 shares of the software company’s stock valued at $3,173,000 after purchasing an additional 77 shares in the last quarter. Panoramic Capital Partners LLC purchased a new stake in Adobe in the fourth quarter worth about $283,000. Arlington Partners LLC boosted its position in Adobe by 5.2% during the 4th quarter. Arlington Partners LLC now owns 7,942 shares of the software company’s stock valued at $3,532,000 after acquiring an additional 391 shares in the last quarter. Bristlecone Advisors LLC grew its holdings in shares of Adobe by 9.8% during the 4th quarter. Bristlecone Advisors LLC now owns 10,341 shares of the software company’s stock worth $4,598,000 after acquiring an additional 919 shares during the period. Finally, Silicon Valley Capital Partners raised its position in shares of Adobe by 4.1% in the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock worth $2,656,000 after acquiring an additional 236 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.9 %

ADBE opened at $462.76 on Thursday. Adobe Inc. has a twelve month low of $403.75 and a twelve month 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 firm has a 50 day moving average price of $451.47 and a 200-day moving average price of $497.93. The stock has a market capitalization of $201.44 billion, a price-to-earnings ratio of 37.32, a PEG ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its 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. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.52 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Sanford C. Bernstein reduced 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. UBS Group dropped their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 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 issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling

In related news, Director David A. Ricks bought 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the company’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 transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.

Adobe Company 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.