Cobblestone Capital Advisors LLC NY Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Cobblestone Capital Advisors LLC NY lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 80.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,250 shares of the software company's stock after selling 21,706 shares during the period. Cobblestone Capital Advisors LLC NY's holdings in Adobe were worth $2,335,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. FMR LLC grew its stake in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Assenagon Asset Management S.A. increased its holdings in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd acquired a new position in Adobe in the fourth quarter valued at approximately $110,744,000. Finally, Erste Asset Management GmbH acquired a new position in Adobe in the third quarter valued at approximately $126,703,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research note on Monday, December 9th. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 20th. Finally, UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $570.88.

Adobe Stock Performance

Adobe stock traded up $1.30 during mid-day trading on Friday, reaching $438.49. 3,936,248 shares of the company's stock were exchanged, compared to its average volume of 3,474,121. The business's fifty day simple moving average is $439.71 and its 200 day simple moving average is $490.93. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm has a market capitalization of $190.87 billion, a PE ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31.

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

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction dated 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 directly 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, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company's stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. Company insiders own 0.15% 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.