Adobe Inc. (NASDAQ:ADBE) Position Cut by Janney Capital Management LLC

Janney Capital Management LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,596 shares of the software company’s stock after selling 727 shares during the period. Janney Capital Management LLC’s holdings in Adobe were worth $10,048,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Onyx Bridge Wealth Group LLC grew its position in shares of Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. lifted its stake in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after buying an additional 20 shares in the last quarter. 1ST Source Bank boosted its holdings in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the period. Sfmg LLC increased its position in shares of Adobe by 3.1% during the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after acquiring an additional 21 shares in the last quarter. Finally, Next Capital Management LLC raised its holdings in shares of Adobe by 3.2% during the second quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after acquiring an additional 21 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ADBE shares. BMO Capital Markets reduced their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. UBS Group reduced their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, Bank of America lowered their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

Shares of ADBE opened at $435.38 on Wednesday. The company’s 50-day moving average is $473.26 and its 200-day moving average is $510.05. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $189.52 billion, a PE ratio of 35.36, a PEG ratio of 2.08 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25.

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 the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm earned $3.52 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.