Adobe Inc. (NASDAQ:ADBE) Shares Sold by Financial Management Network Inc.

Financial Management Network Inc. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,468 shares of the software company’s stock after selling 233 shares during the period. Financial Management Network Inc.’s holdings in Adobe were worth $1,063,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Swedbank AB increased its holdings in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the last quarter. Vest Financial LLC increased its holdings in shares of Adobe by 217.2% during the 3rd quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock worth $1,181,000 after buying an additional 1,562 shares during the last quarter. Trilogy Capital Inc. increased its holdings in shares of Adobe by 20.9% during the 3rd quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock worth $1,727,000 after buying an additional 576 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Adobe by 6.4% during the 3rd quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock worth $433,000 after buying an additional 50 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its holdings in shares of Adobe by 9.7% during the 3rd quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock worth $14,239,000 after buying an additional 2,438 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale 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 Adobe 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 sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $464.11 on Wednesday. The stock has a market cap of $202.03 billion, a P/E ratio of 37.43, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a fifty day simple moving average of $443.14 and a 200-day simple moving average of $495.16. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Citigroup cut their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Wells Fargo & Company dropped their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.