SevenBridge Financial Group LLC Has $480,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

SevenBridge Financial Group LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.0% during the 4th quarter, Holdings Channel reports. The firm owned 1,046 shares of the software company’s stock after selling 55 shares during the period. SevenBridge Financial Group LLC’s holdings in Adobe were worth $480,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted 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 buying an additional 234,909 shares during the period. Geode Capital Management LLC boosted its stake in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the last quarter. Norges Bank bought a new position in Adobe during the 4th quarter worth approximately $2,553,035,000. Charles Schwab Investment Management Inc. grew its holdings in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock valued at $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. increased its stake in Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after purchasing an additional 163,983 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $385.78 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $164.42 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $370.95 and a 12 month high of $587.75. The stock has a 50 day moving average of $428.78 and a 200-day moving average of $465.84.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the business posted $4.48 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired 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 $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction 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 in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and set a $530.00 target price on shares of Adobe in a report on Wednesday, March 19th. Wells Fargo & Company dropped their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

About Adobe

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.