Paladin Advisory Group LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Paladin Advisory Group LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 10.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 804 shares of the software company’s stock after selling 97 shares during the quarter. Paladin Advisory Group LLC’s holdings in Adobe were worth $358,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter valued at $26,000. Groupama Asset Managment boosted its position in Adobe by 28.8% during the third 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 during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter valued at about $30,000. Finally, True Wealth Design LLC increased its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $440.11 on Wednesday. The stock’s fifty day simple moving average is $465.79 and its 200 day simple moving average is $505.60. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The firm has a market cap of $191.58 billion, a price-to-earnings ratio of 35.48, a P/E/G ratio of 2.12 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 issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.52 EPS. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on ADBE. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets cut their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Wells Fargo & Company decreased their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction 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. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

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.