Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cottage Street Advisors LLC

Cottage Street Advisors LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 22.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 929 shares of the software company’s stock after selling 271 shares during the quarter. Cottage Street Advisors LLC’s holdings in Adobe were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. United Bank increased its position in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Adobe by 1.2% in the third quarter. Penserra Capital Management LLC now owns 4,570 shares of the software company’s stock worth $2,365,000 after acquiring an additional 54 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Adobe by 105.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock valued at $570,000 after acquiring an additional 564 shares during the period. Dai ichi Life Insurance Company Ltd lifted its holdings in shares of Adobe by 3.3% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 55,896 shares of the software company’s stock valued at $28,942,000 after acquiring an additional 1,779 shares in the last quarter. Finally, FMR LLC boosted its position in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Wells Fargo & Company reduced their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. BMO Capital Markets lowered their price objective on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Price Performance

Shares of ADBE opened at $403.64 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $175.75 billion, a PE ratio of 32.55, a PEG ratio of 2.15 and a beta of 1.37. The firm’s 50 day moving average price is $433.70 and its 200 day moving average price is $472.75. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.