DRW Securities LLC Sells 4,110 Shares of Adobe Inc. (NASDAQ:ADBE)

DRW Securities LLC cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 66.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,049 shares of the software company's stock after selling 4,110 shares during the quarter. DRW Securities LLC's holdings in Adobe were worth $911,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank bought a new stake in shares of Adobe during the 4th quarter valued at $2,553,035,000. Edgewood Management LLC grew its stake in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Adobe by 3.4% in 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 acquiring an additional 92,458 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Adobe by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after buying an additional 163,983 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last quarter. Insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADBE. Royal Bank of Canada cut their target price on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research report on Monday. Citigroup dropped their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Robert W. Baird dropped their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Finally, Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $525.19.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE traded down $2.06 during midday trading on Monday, hitting $350.41. The stock had a trading volume of 1,248,618 shares, compared to its average volume of 3,391,054. The company has a market cap of $149.34 billion, a P/E ratio of 28.26, a PEG ratio of 2.15 and a beta of 1.49. 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 business's 50 day moving average is $413.00 and its 200-day moving average is $455.28. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

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

Adobe 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.