RNC Capital Management LLC Sells 903 Shares of Adobe Inc. (NASDAQ:ADBE)

RNC Capital Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,504 shares of the software company’s stock after selling 903 shares during the period. RNC Capital Management LLC’s holdings in Adobe were worth $7,339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Adobe in the third quarter worth $26,000. Groupama Asset Managment increased its position in Adobe by 28.8% in the third 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 during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter worth $30,000. Finally, True Wealth Design LLC increased its position in Adobe by 141.7% in the third 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 own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $435.40 on Friday. The business’s 50 day moving average price is $457.14 and its 200 day moving average price is $500.93. The firm has a market cap of $189.53 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $628.07. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business 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 posted $3.52 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADBE. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Royal Bank of Canada dropped their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.