Level Four Advisory Services LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Level Four Advisory Services LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,125 shares of the software company’s stock after selling 221 shares during the period. Level Four Advisory Services LLC’s holdings in Adobe were worth $945,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. State Street Corp increased its stake in shares of Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares during the period. Geode Capital Management LLC grew its holdings in Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. Norges Bank purchased a new position in Adobe during the 4th quarter valued at about $2,553,035,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock valued at $1,249,066,000 after purchasing an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after purchasing an additional 163,983 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $385.71 on Monday. 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 Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The company’s 50 day moving average is $431.81 and its 200 day moving average is $468.92. The company has a market cap of $164.39 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Oppenheimer cut their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, BMO Capital Markets decreased their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $533.85.

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.