Adobe Inc. (NASDAQ:ADBE) Shares Sold by GraniteShares Advisors LLC

GraniteShares Advisors LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.2% in the fourth quarter, HoldingsChannel reports. The firm owned 3,185 shares of the software company’s stock after selling 72 shares during the quarter. GraniteShares Advisors LLC’s holdings in Adobe were worth $1,416,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the third quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter worth approximately $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Briaud Financial Planning Inc purchased a new position in Adobe in the third quarter worth approximately $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.2 %

ADBE stock opened at $443.41 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $193.02 billion, a price-to-earnings ratio of 35.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The company has a fifty day moving average price of $439.88 and a 200 day moving average price of $492.62. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced 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. The company had revenue of $5.61 billion for 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%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.52 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction 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 directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade 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 have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADBE. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. Finally, 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. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.