Mayflower Financial Advisors LLC Sells 170 Shares of Adobe Inc. (NASDAQ:ADBE)

Mayflower Financial Advisors LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,496 shares of the software company’s stock after selling 170 shares during the period. Mayflower Financial Advisors LLC’s holdings in Adobe were worth $1,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Magnolia Capital Advisors LLC grew its position in Adobe by 13.9% in the 2nd quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after purchasing an additional 81 shares in the last quarter. Regal Investment Advisors LLC grew its position in Adobe by 2.6% in the 2nd quarter. Regal Investment Advisors LLC now owns 1,382 shares of the software company’s stock worth $768,000 after purchasing an additional 35 shares in the last quarter. EP Wealth Advisors LLC grew its position in Adobe by 4.1% in the 2nd quarter. EP Wealth Advisors LLC now owns 8,939 shares of the software company’s stock worth $4,966,000 after purchasing an additional 356 shares in the last quarter. Next Capital Management LLC grew its position in Adobe by 3.2% in the 2nd quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after purchasing an additional 21 shares in the last quarter. Finally, Advisory Alpha LLC bought a new stake in Adobe in the 2nd quarter worth about $224,000. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $442.70 on Wednesday. The company’s fifty day moving average price is $466.93 and its 200-day moving average price is $506.42. The firm has a market capitalization of $192.71 billion, a price-to-earnings ratio of 35.70, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.52 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.