Meeder Asset Management Inc. Sells 83 Shares of Adobe Inc. (NASDAQ:ADBE)

Meeder Asset Management Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 32.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 173 shares of the software company’s stock after selling 83 shares during the period. Meeder Asset Management Inc.’s holdings in Adobe were worth $77,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter valued at about $26,000. Groupama Asset Managment grew its stake in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. Decker Retirement Planning Inc. purchased a new stake in Adobe in the 4th quarter worth approximately $31,000. Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter worth approximately $31,000. Finally, Caitlin John LLC raised its stake in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after acquiring an additional 48 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other 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 transaction of $1,643,086.56. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Adobe Trading Down 0.1 %

Shares of ADBE opened at $383.20 on Wednesday. The company’s fifty day simple moving average is $429.81 and its 200-day simple moving average is $466.40. The company has a market cap of $163.32 billion, a P/E ratio of 30.90, a P/E/G ratio of 2.15 and a beta of 1.37. 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 Inc. has a twelve month low of $374.50 and a twelve month high of $587.75.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on ADBE shares. Robert W. Baird dropped their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Finally, Morgan Stanley decreased their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $531.54.

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.