Longview Partners Guernsey LTD Sells 49,231 Shares of Adobe Inc. (NASDAQ:ADBE)

Longview Partners Guernsey LTD lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,141,686 shares of the software company's stock after selling 49,231 shares during the period. Adobe makes up about 3.8% of Longview Partners Guernsey LTD's investment portfolio, making the stock its 15th biggest position. Longview Partners Guernsey LTD owned approximately 0.26% of Adobe worth $507,685,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADBE. Sepio Capital LP grew its holdings in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after acquiring an additional 22 shares during the last quarter. Foster Group Inc. lifted its holdings in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after buying an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after buying an additional 23 shares during the period. Veery Capital LLC lifted its stake in shares of Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company's stock worth $585,000 after acquiring an additional 24 shares during the period. Finally, Cornerstone Wealth Management LLC increased its position in Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company's stock valued at $590,000 after purchasing an additional 24 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of Adobe stock traded up $7.92 during trading on Tuesday, hitting $351.14. The stock had a trading volume of 1,150,790 shares, compared to its average volume of 3,411,467. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market cap of $149.66 billion, a price-to-earnings ratio of 28.29, a P/E/G ratio of 2.15 and a beta of 1.49. The business's 50-day moving average is $401.15 and its 200 day moving average is $448.52.

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

Insiders Place Their Bets

In related news, Director David A. Ricks bought 2,250 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company's stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last ninety days. Company insiders own 0.16% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. DA Davidson decreased their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $506.73.

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.