Martin Investment Management LLC Sells 967 Shares of Adobe Inc. (NASDAQ:ADBE)

Martin Investment Management LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,003 shares of the software company's stock after selling 967 shares during the period. Adobe comprises 1.3% of Martin Investment Management LLC's holdings, making the stock its 28th largest holding. Martin Investment Management LLC's holdings in Adobe were worth $4,893,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Nordea Investment Management AB raised its stake in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after buying an additional 33,414 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Morse Asset Management Inc grew its stake in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock valued at $4,411,000 after buying an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after buying an additional 1,326 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

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Adobe Price Performance

Shares of Adobe stock traded down $18.53 on Thursday, reaching $367.25. The stock had a trading volume of 5,319,125 shares, compared to its average volume of 3,336,671. The business's 50 day moving average is $428.78 and its two-hundred day moving average is $465.84. 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 1 year low of $365.86 and a 1 year high of $587.75. The company has a market cap of $156.52 billion, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ADBE shares. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada restated an "outperform" rating and set a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Citigroup decreased their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Finally, Oppenheimer dropped their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $531.54.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company's stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction 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 represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company's stock.

Adobe Company 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.