Patten Group Inc. Has $1.11 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Patten Group Inc. trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 49.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,500 shares of the software company’s stock after selling 2,449 shares during the quarter. Patten Group Inc.’s holdings in Adobe were worth $1,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of ADBE. Charles Schwab Investment Management Inc. lifted its position in shares of Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after buying an additional 92,458 shares during the period. NBW Capital LLC bought a new position in shares of Adobe during the fourth quarter valued at $1,465,000. Bedel Financial Consulting Inc. boosted its stake in shares of Adobe by 3.5% in the 4th quarter. Bedel Financial Consulting Inc. now owns 1,468 shares of the software company’s stock valued at $642,000 after purchasing an additional 49 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Adobe by 1.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 33,372 shares of the software company’s stock worth $14,840,000 after purchasing an additional 608 shares during the last quarter. Finally, Unified Investment Management acquired a new stake in shares of Adobe during the 4th quarter worth about $611,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE opened at $440.72 on Tuesday. The company has a fifty day simple moving average of $439.59 and a 200 day simple moving average of $489.79. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $191.85 billion, a P/E ratio of 35.54, a P/E/G ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS 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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the firm posted $3.52 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets dropped their price target on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.