Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wright Investors Service Inc.

Wright Investors Service Inc. cut its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 68.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,029 shares of the software company's stock after selling 4,431 shares during the period. Wright Investors Service Inc.'s holdings in Adobe were worth $902,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Piscataqua Savings Bank raised its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth about $30,000. Finally, True Wealth Design LLC lifted 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 last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the business's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company's stock, valued at $1,316,693.55. The trade was a 19.94 % 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, Director Amy Banse sold 606 shares of the company's 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 transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Argus upgraded shares of Adobe to a "strong-buy" rating in a report on Monday, September 16th. Jefferies Financial Group reduced their price target on shares of Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. TD Cowen cut Adobe from a "buy" rating to a "hold" rating and cut their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, StockNews.com raised Adobe from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $575.85.

Adobe Price Performance

Shares of ADBE traded up $4.21 during trading hours on Tuesday, reaching $412.71. The company had a trading volume of 3,571,594 shares, compared to its average volume of 4,188,047. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The firm has a 50 day simple moving average of $482.55 and a 200-day simple moving average of $516.02. The company has a market capitalization of $181.67 billion, a price-to-earnings ratio of 33.28, a PEG ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $3.52 earnings per share. Research analysts expect that Adobe Inc. will post 16.73 earnings per share 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.