Adobe Inc. (NASDAQ:ADBE) Shares Sold by Founders Capital Management

Founders Capital Management cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,994 shares of the software company’s stock after selling 44 shares during the quarter. Adobe accounts for about 2.3% of Founders Capital Management’s portfolio, making the stock its 17th largest holding. Founders Capital Management’s holdings in Adobe were worth $3,555,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC raised its holdings in Adobe by 141.7% in the 3rd 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 during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value 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 represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. Citigroup decreased their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Stock Up 0.7 %

NASDAQ:ADBE traded up $2.77 during trading hours on Monday, hitting $408.69. 1,840,289 shares of the company’s stock traded hands, compared to its average volume of 3,878,146. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The firm has a market cap of $179.91 billion, a P/E ratio of 32.96, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s fifty day moving average price is $484.01 and its two-hundred day moving average price is $517.00.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the firm earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 16.73 earnings per share 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.