Ingalls & Snyder LLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Ingalls & Snyder LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 39.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 14,615 shares of the software company’s stock after selling 9,467 shares during the period. Ingalls & Snyder LLC’s holdings in Adobe were worth $6,499,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. CX Institutional raised its position in Adobe by 4.2% during the 3rd quarter. CX Institutional now owns 2,298 shares of the software company’s stock worth $1,190,000 after buying an additional 93 shares during the last quarter. Creative Planning raised its position in Adobe by 34.9% in the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock worth $84,750,000 after acquiring an additional 42,736 shares in the last quarter. Swedbank AB raised its position in Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. Magnus Financial Group LLC raised its position in Adobe by 9.2% in the third quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after acquiring an additional 78 shares in the last quarter. Finally, Petredis Investment Advisors LLC increased its holdings in shares of Adobe by 0.3% in the 3rd quarter. Petredis Investment Advisors LLC now owns 7,810 shares of the software company’s stock valued at $4,044,000 after purchasing an additional 24 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group dropped their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Royal Bank of Canada dropped their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $462.76 on Thursday. The business has a 50 day moving average price of $451.47 and a 200-day moving average price of $497.93. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $610.33. The firm has a market cap of $201.44 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 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 business’s revenue was up 11.1% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.