Alliancebernstein L.P. Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Alliancebernstein L.P. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,109,319 shares of the software company's stock after selling 832,016 shares during the quarter. Alliancebernstein L.P. owned about 0.48% of Adobe worth $937,972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. United Bank boosted its stake in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Adobe in the third quarter valued at approximately $719,000. Tradition Wealth Management LLC boosted its position in shares of Adobe by 2.8% during the third quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock valued at $1,370,000 after buying an additional 73 shares during the last quarter. Semmax Financial Advisors Inc. grew its holdings in Adobe by 9.5% during the third quarter. Semmax Financial Advisors Inc. now owns 5,094 shares of the software company's stock worth $2,681,000 after buying an additional 444 shares in the last quarter. Finally, Plotkin Financial Advisors LLC purchased a new stake in Adobe in the 3rd quarter valued at $316,000. Institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by insiders.

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Adobe Stock Performance

NASDAQ ADBE traded down $14.89 on Thursday, hitting $370.89. 2,425,853 shares of the company traded hands, compared to its average volume of 3,326,048. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business's 50 day moving average price is $428.78 and its 200-day moving average price is $465.84. The company has a market capitalization of $158.07 billion, a price-to-earnings ratio of 29.91, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $367.96 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 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 quarter in the previous year, the company earned $4.48 EPS. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ADBE shares. Wells Fargo & Company reduced their target price on shares of Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a research note on Friday, March 7th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. Royal Bank of Canada reissued an "outperform" rating and set a $530.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $531.54.

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.