Schmidt P J Investment Management Inc. Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE)

Schmidt P J Investment Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 10.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 871 shares of the software company’s stock after selling 100 shares during the quarter. Schmidt P J Investment Management Inc.’s holdings in Adobe were worth $387,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in 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 purchasing an additional 1,376,333 shares during the period. FMR LLC raised its holdings in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the period. Seilern Investment Management Ltd bought a new position in Adobe during the 4th quarter worth about $110,744,000. Finally, Erste Asset Management GmbH purchased a new position in Adobe during the 3rd quarter valued at about $126,703,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ADBE shares. Royal Bank of Canada lowered their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group dropped their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Down 0.6 %

Shares of ADBE stock opened at $437.63 on Thursday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $628.07. The stock has a market cap of $190.50 billion, a P/E ratio of 35.29, a P/E/G ratio of 2.12 and a beta of 1.31. The stock has a 50 day moving average of $458.66 and a 200 day moving average of $501.38. The company has a current ratio of 1.07, a quick 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 for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.52 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.