Carret Asset Management LLC Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Carret Asset Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, Holdings Channel reports. The firm owned 3,980 shares of the software company’s stock after selling 190 shares during the period. Carret Asset Management LLC’s holdings in Adobe were worth $1,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Proficio Capital Partners LLC raised its position in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. FMR LLC raised its position in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Adobe during the 4th quarter worth $243,827,000. Assenagon Asset Management S.A. grew its stake in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe during the 4th quarter worth $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 13.9 %

Shares of ADBE stock opened at $377.84 on Friday. The firm has a market cap of $164.51 billion, a P/E ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. 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’s 50-day simple moving average is $437.74 and its 200-day simple moving average is $483.80.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were 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 in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ADBE shares. Royal Bank of Canada lowered their price target on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday. BMO Capital Markets lowered their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Finally, Robert W. Baird lowered their price objective on shares of Adobe from $500.00 to $490.00 and set a “neutral” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $539.46.

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.