Verus Capital Partners LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Verus Capital Partners LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 6.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,006 shares of the software company’s stock after selling 66 shares during the quarter. Verus Capital Partners LLC’s holdings in Adobe were worth $447,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in ADBE. Proficio Capital Partners LLC raised its holdings in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. FMR LLC increased its holdings in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd acquired a new position in shares of Adobe during the 4th quarter worth about $110,744,000. Finally, Erste Asset Management GmbH acquired a new position in shares of Adobe during the 3rd quarter worth about $126,703,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ADBE shares. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. UBS Group cut their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Adobe Trading Up 0.3 %

Shares of Adobe stock opened at $438.49 on Friday. The firm has a market cap of $190.87 billion, a price-to-earnings ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The company’s 50-day simple moving average is $439.71 and its 200-day simple moving average is $491.24. 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 released its earnings results 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 company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.52 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last quarter. Company insiders own 0.15% of the company’s stock.

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.