Apriem Advisors Sells 985 Shares of Adobe Inc. (NASDAQ:ADBE)

Apriem Advisors cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,974 shares of the software company's stock after selling 985 shares during the period. Adobe accounts for about 1.3% of Apriem Advisors' investment portfolio, making the stock its 24th largest position. Apriem Advisors' holdings in Adobe were worth $11,105,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC lifted its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Adobe by 42.3% in 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 last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe in the 4th quarter worth approximately $110,744,000. Erste Asset Management GmbH acquired a new stake in Adobe in the 3rd quarter worth approximately $126,703,000. Finally, State Street Corp lifted its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the business's stock in a transaction on Tuesday, January 28th. The stock was bought 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 approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Shares of ADBE stock traded up $1.30 during trading hours on Friday, hitting $438.49. 3,936,248 shares of the company's stock were exchanged, compared to its average volume of 3,474,121. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The stock has a market cap of $190.87 billion, a price-to-earnings ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The stock's 50-day moving average is $439.71 and its 200-day moving average is $490.93.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) 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 analyst estimates of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 earnings per share. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Barclays reduced their target price on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. TD Cowen lowered Adobe from a "buy" rating to a "hold" rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Finally, Bank of America cut their price target on Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $570.88.

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.