Chicago Capital LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Chicago Capital LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 38,819 shares of the software company’s stock after selling 780 shares during the quarter. Chicago Capital LLC’s holdings in Adobe were worth $17,262,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Piscataqua Savings Bank increased its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in Adobe during the 3rd quarter valued at approximately $26,000. Groupama Asset Managment increased its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter worth $30,000. Finally, True Wealth Design LLC increased its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.9 %

ADBE opened at $437.45 on Monday. The stock has a market cap of $190.42 billion, a price-to-earnings ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31. The stock’s 50 day moving average price is $461.97 and its 200-day moving average price is $503.41. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ADBE. Oppenheimer reduced their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. BMO Capital Markets reduced their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Finally, Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.