ST Germain D J Co. Inc. Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

ST Germain D J Co. Inc. trimmed its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 71.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,922 shares of the software company's stock after selling 9,709 shares during the period. ST Germain D J Co. Inc.'s holdings in Adobe were worth $1,744,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADBE. State Street Corp lifted its holdings in shares of Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company's stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC increased its position in Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock valued at $5,435,377,000 after buying an additional 147,981 shares in the last quarter. FMR LLC increased its position in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Fisher Asset Management LLC raised its stake in Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock valued at $2,516,196,000 after buying an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock worth $2,455,079,000 after acquiring an additional 140,390 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 481 shares of the company's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company's stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm's stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADBE. Jefferies Financial Group decreased their price objective 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. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. UBS Group cut their target price on Adobe from $525.00 to $475.00 and set a "neutral" rating on the stock in a research report on Friday, January 3rd. Finally, Oppenheimer lowered their price target on Adobe from $625.00 to $600.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average price target of $575.85.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $13.66 during trading on Friday, hitting $405.92. The company had a trading volume of 5,549,778 shares, compared to its average volume of 4,226,834. The firm has a market capitalization of $178.69 billion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The stock has a fifty day simple moving average of $484.01 and a two-hundred day simple moving average of $517.08. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $405.32 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.52 EPS. On average, research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

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.