Asset Dedication LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Asset Dedication LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,544 shares of the software company's stock after selling 1,899 shares during the quarter. Asset Dedication LLC's holdings in Adobe were worth $2,021,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company's stock worth $272,000 after purchasing an additional 20 shares in the last quarter. Connable Office Inc. increased its position in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock valued at $1,932,000 after buying an additional 20 shares during the period. 1ST Source Bank lifted its holdings in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after buying an additional 20 shares in the last quarter. Next Capital Management LLC lifted its holdings in shares of Adobe by 3.2% in the second quarter. Next Capital Management LLC now owns 678 shares of the software company's stock worth $377,000 after buying an additional 21 shares in the last quarter. Finally, James J. Burns & Company LLC grew its stake in Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company's stock valued at $215,000 after acquiring an additional 22 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.3 %

NASDAQ ADBE traded down $1.16 on Wednesday, hitting $441.68. The company's stock had a trading volume of 2,985,887 shares, compared to its average volume of 4,001,860. 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 52-week low of $403.75 and a 52-week high of $638.25. The firm has a market cap of $192.26 billion, a P/E ratio of 35.62, a PEG ratio of 2.12 and a beta of 1.31. The company's 50-day simple moving average is $465.79 and its 200 day simple moving average is $505.60.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 earnings per share. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $573.00.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. Corporate insiders own 0.15% of the company's stock.

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.