Plancorp LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Plancorp LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 576 shares of the software company’s stock after selling 55 shares during the quarter. Plancorp LLC’s holdings in Adobe were worth $256,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Mizuho Securities USA LLC increased its holdings in shares of Adobe by 45.1% during the 4th quarter. Mizuho Securities USA LLC now owns 41,721 shares of the software company’s stock valued at $18,552,000 after purchasing an additional 12,969 shares in the last quarter. Fi3 FINANCIAL ADVISORS LLC increased its holdings in shares of Adobe by 20.8% during the 4th quarter. Fi3 FINANCIAL ADVISORS LLC now owns 547 shares of the software company’s stock valued at $243,000 after purchasing an additional 94 shares in the last quarter. Virtu Financial LLC increased its holdings in Adobe by 198.8% in the 4th quarter. Virtu Financial LLC now owns 24,045 shares of the software company’s stock worth $10,692,000 after acquiring an additional 15,997 shares in the last quarter. ZEGA Investments LLC purchased a new stake in Adobe in the 4th quarter worth $920,000. Finally, Millstone Evans Group LLC purchased a new stake in Adobe in the 4th quarter worth $48,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.6 %

Shares of ADBE opened at $387.26 on Friday. The firm has a market cap of $168.62 billion, a P/E ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The company’s 50-day moving average price is $434.16 and its 200 day moving average price is $475.80. 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 issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm earned $4.48 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. UBS Group set a $495.00 price target on shares of Adobe in a report on Thursday, March 13th. Barclays cut their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company cut their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price 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. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last three months. Company insiders own 0.16% 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.