Adobe Inc. (NASDAQ:ADBE) Shares Sold by Lmcg Investments LLC

Lmcg Investments LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% in the 4th quarter, Holdings Channel reports. The fund owned 21,542 shares of the software company’s stock after selling 1,895 shares during the quarter. Lmcg Investments LLC’s holdings in Adobe were worth $9,579,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter worth about $26,000. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc purchased a new position in Adobe in the third quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. UBS Group dropped their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 0.7 %

NASDAQ:ADBE opened at $429.99 on Tuesday. The company has a market capitalization of $189.28 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The stock has a fifty day simple moving average of $476.55 and a 200-day simple moving average of $512.03. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $5.54 billion. During the same quarter in the prior year, the company earned $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of Adobe 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 transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe 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.