Snowden Capital Advisors LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Snowden Capital Advisors LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,470 shares of the software company’s stock after selling 1,788 shares during the quarter. Snowden Capital Advisors LLC’s holdings in Adobe were worth $6,879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System grew its holdings in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $1,173,000. Silicon Valley Capital Partners boosted its position in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock worth $2,656,000 after purchasing an additional 236 shares during the period. Evanson Asset Management LLC boosted its stake in shares of Adobe by 317.2% in the fourth quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company’s stock worth $1,988,000 after acquiring an additional 3,400 shares during the period. Finally, Foundations Investment Advisors LLC increased its holdings in shares of Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company’s stock worth $16,012,000 after purchasing an additional 8,508 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.16% of the company’s stock.

Adobe Trading Up 1.3%

ADBE opened at $404.69 on Friday. The firm’s 50 day moving average is $376.01 and its 200-day moving average is $434.77. The firm has a market capitalization of $172.48 billion, a P/E ratio of 32.64, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. 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 (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 analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. Robert W. Baird decreased their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Royal Bank of Canada lowered their price objective on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. BMO Capital Markets decreased their target price on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

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.