Marietta Investment Partners LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Marietta Investment Partners LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 41.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,048 shares of the software company’s stock after selling 1,439 shares during the quarter. Marietta Investment Partners LLC’s holdings in Adobe were worth $911,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. 1ST Source Bank lifted its stake in Adobe by 0.7% in the 3rd 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 in the last quarter. Foster Group Inc. lifted its stake in Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its stake in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after buying an additional 23 shares in the last quarter. Veery Capital LLC lifted its stake in Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares in the last quarter. Finally, Cornerstone Wealth Management LLC lifted its stake in Adobe by 1.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock valued at $590,000 after buying an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $387.26 on Friday. 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 50-day moving average of $434.16 and a two-hundred day moving average of $476.46. The stock has a market cap of $168.62 billion, a P/E ratio of 31.23, 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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, 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 ownership of the stock. 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 stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction 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. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Oppenheimer reduced their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

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.