Y Intercept Hong Kong Ltd Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Y Intercept Hong Kong Ltd trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 22.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,484 shares of the software company’s stock after selling 2,671 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Adobe were worth $4,217,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new position in Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe in the 4th quarter valued at about $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $444.32 on Monday. The business’s fifty day moving average price is $440.46 and its 200 day moving average price is $493.88. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The stock has a market capitalization of $193.41 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research 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 recent analyst reports. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein cut their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 price objective on shares of Adobe in a report on Thursday, February 13th. Finally, Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’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 completion of the sale, 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 worth $2,525,126 over the last ninety days. 0.15% of the stock is owned by insiders.

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.