PFG Investments LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

PFG Investments LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,030 shares of the software company’s stock after selling 269 shares during the period. PFG Investments LLC’s holdings in Adobe were worth $4,015,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Mackenzie Financial Corp grew its holdings in shares of Adobe by 0.7% in the 2nd quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after acquiring an additional 451 shares during the period. Annandale Capital LLC grew its holdings in shares of Adobe by 10.5% in the 2nd quarter. Annandale Capital LLC now owns 5,276 shares of the software company’s stock worth $2,931,000 after acquiring an additional 500 shares during the period. Aviso Wealth Management grew its holdings in shares of Adobe by 6.8% in the 2nd quarter. Aviso Wealth Management now owns 487 shares of the software company’s stock worth $271,000 after acquiring an additional 31 shares during the period. Magnolia Capital Advisors LLC grew its holdings in shares of Adobe by 13.9% in the 2nd quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after acquiring an additional 81 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Adobe by 19.3% in the 2nd quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock worth $22,704,000 after acquiring an additional 6,622 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.4 %

NASDAQ ADBE opened at $435.38 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a 50-day simple moving average of $468.14 and a 200 day simple moving average of $507.66. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The stock has a market cap of $189.52 billion, a PE ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.52 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, UBS Group lowered their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.