Denali Advisors LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Denali Advisors LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,433 shares of the software company’s stock after selling 31 shares during the period. Denali Advisors LLC’s holdings in Adobe were worth $637,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ADBE. Nordea Investment Management AB increased its stake in Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Morse Asset Management Inc lifted its holdings in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after purchasing an additional 1,326 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last quarter. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets lowered their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Price Performance

Adobe stock opened at $441.50 on Thursday. The stock has a market cap of $192.18 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 2.15 and a beta of 1.31. 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 has a 50-day simple moving average of $439.88 and a 200 day simple moving average of $492.27. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS 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 analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.52 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.