Reynders McVeigh Capital Management LLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Reynders McVeigh Capital Management LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,100 shares of the software company’s stock after selling 30 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Adobe were worth $489,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ADBE. Decker Retirement Planning Inc. bought a new position in Adobe in the fourth quarter worth about $31,000. Summit Securities Group LLC purchased a new position in shares of Adobe in the 4th quarter valued at approximately $31,000. Caitlin John LLC grew its stake in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Avion Wealth raised its holdings in Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after purchasing an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its position in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. BMO Capital Markets lowered 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. Mizuho lowered 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. Wells Fargo & Company cut their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Evercore ISI reduced their price target on shares of Adobe from $650.00 to $550.00 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $527.12.

Insider Buying and Selling at Adobe

In related 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 sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $352.47 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock’s 50-day simple moving average is $413.00 and its 200-day simple moving average is $455.28. The company has a market capitalization of $150.22 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company posted $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.