Concord Wealth Partners trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 90.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 168 shares of the software company's stock after selling 1,509 shares during the quarter. Concord Wealth Partners' holdings in Adobe were worth $75,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock worth $713,703,000 after buying an additional 1,376,333 shares during the period. FMR LLC lifted its position in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Adobe by 42.3% during 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 acquiring an additional 347,536 shares during the period. Seilern Investment Management Ltd acquired a new stake in shares of Adobe in the fourth quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new position in shares of Adobe in the third quarter worth about $126,703,000. 81.79% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on ADBE shares. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a "neutral" rating for the company in a research note on Friday, January 3rd. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. BMO Capital Markets decreased their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price objective on shares of 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 given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $573.00.
Read Our Latest Analysis on ADBE
In other news, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last quarter. Corporate insiders own 0.15% of the company's stock.
Shares of ADBE stock opened at $437.45 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The stock has a market capitalization of $190.42 billion, a PE ratio of 35.28, a PEG ratio of 2.14 and a beta of 1.31. 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 stock's fifty day moving average is $461.97 and its 200-day moving average is $503.85.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. The company's revenue was up 11.1% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
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.
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