PDS Planning Inc Sells 44 Shares of Adobe Inc. (NASDAQ:ADBE)

PDS Planning Inc trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% in the fourth quarter, Holdings Channel reports. The fund owned 3,613 shares of the software company’s stock after selling 44 shares during the quarter. PDS Planning Inc’s holdings in Adobe were worth $1,607,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADBE. Retirement Planning Co of New England Inc. bought a new position in Adobe during the 4th quarter worth $285,000. RD Lewis Holdings Inc. bought a new position in Adobe during the 4th quarter worth $248,000. Haven Capital Group Inc. bought a new position in Adobe during the 4th quarter worth $3,268,000. BlackDiamond Wealth Management LLC raised its position in Adobe by 3.6% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 779 shares of the software company’s stock worth $346,000 after purchasing an additional 27 shares during the last quarter. Finally, Edgemoor Investment Advisors Inc. bought a new position in Adobe during the 4th quarter worth $1,159,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Robert W. Baird lowered their target price on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Bank of America decreased their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have given 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.com, the company has an average rating of “Moderate Buy” and an average target price of $540.60.

Adobe Price Performance

Adobe stock opened at $399.34 on Tuesday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company’s 50 day moving average price is $436.39 and its two-hundred day moving average price is $480.30. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $173.88 billion, a P/E ratio of 32.20, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the firm earned $4.48 EPS. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on 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 sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by company insiders.

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.