Ingalls & Snyder LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Ingalls & Snyder LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 39.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,615 shares of the software company’s stock after selling 9,467 shares during the period. Ingalls & Snyder LLC’s holdings in Adobe were worth $6,499,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter worth about $26,000. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter worth $30,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new position in Adobe during the 3rd quarter valued at $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group lowered their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Royal Bank of Canada decreased their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 0.9 %

Adobe stock opened at $462.76 on Thursday. The stock has a market cap of $201.44 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. 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 stock has a 50-day moving average of $451.47 and a two-hundred day moving average of $497.93. Adobe Inc. has a one year low of $403.75 and a one year high of $610.33.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $3.52 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the business’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 sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was 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. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Insiders own 0.15% of the company’s stock.

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.