Sound View Wealth Advisors Group LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sound View Wealth Advisors Group LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 8.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 684 shares of the software company’s stock after selling 66 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Adobe were worth $304,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. State Street Corp increased its stake in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC grew its holdings in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after buying an additional 147,981 shares during the period. FMR LLC increased its stake in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after acquiring an additional 140,390 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of the firm’s 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 sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on 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 owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday. Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Finally, Stifel Nicolaus decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $563.96.

Adobe Trading Down 3.2 %

Shares of NASDAQ ADBE opened at $435.08 on Tuesday. 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’s 50 day moving average price is $439.35 and its two-hundred day moving average price is $485.74. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The stock has a market capitalization of $189.44 billion, a P/E ratio of 35.09, a PEG ratio of 2.15 and a beta of 1.37.

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