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

RNC Capital Management LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,504 shares of the software company’s stock after selling 903 shares during the quarter. RNC Capital Management LLC’s holdings in Adobe were worth $7,339,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Piscataqua Savings Bank grew its holdings 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 period. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter worth $26,000. Groupama Asset Managment grew its holdings 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 worth $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter worth $30,000. Finally, True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. UBS Group lowered their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Down 0.5 %

Adobe stock opened at $435.40 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $189.53 billion, a price-to-earnings ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $628.07. The stock’s fifty day moving average is $457.14 and its two-hundred day moving average is $500.93.

Adobe (NASDAQ:ADBE) last posted its 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. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 earnings per share. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was 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 owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by company insiders.

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.