Crestwood Advisors Group LLC Sells 2,763 Shares of Adobe Inc. (NASDAQ:ADBE)

Crestwood Advisors Group LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,205 shares of the software company’s stock after selling 2,763 shares during the quarter. Adobe comprises approximately 1.2% of Crestwood Advisors Group LLC’s holdings, making the stock its 25th biggest position. Crestwood Advisors Group LLC’s holdings in Adobe were worth $65,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC grew its position in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares during the period. Seilern Investment Management Ltd bought a new position in Adobe during the fourth quarter worth about $110,744,000. Erste Asset Management GmbH bought a new position in Adobe during the third quarter worth about $126,703,000. Finally, State Street Corp grew its holdings in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group reduced their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Mizuho reduced their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Down 2.3 %

Shares of NASDAQ ADBE opened at $444.32 on Monday. The stock has a market capitalization of $193.41 billion, a P/E ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. The stock’s fifty day moving average is $440.46 and its 200 day moving average is $493.88. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the firm earned $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

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.