Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 141,003 shares of the software company's stock after selling 1,800 shares during the period. Bridges Investment Management Inc.'s holdings in Adobe were worth $62,701,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the third quarter valued at $26,000. Groupama Asset Managment boosted its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock valued at $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 20th. 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. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Finally, Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $570.88.

Adobe Stock Performance

ADBE stock traded up $1.30 during trading on Friday, hitting $438.49. The company had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The firm has a 50-day moving average price of $439.71 and a 200-day moving average price of $490.93. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $190.87 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

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 for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the company earned $3.52 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the business's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm's 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 sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last 90 days. Company insiders own 0.15% of the company's stock.

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.