Columbia Asset Management Sells 814 Shares of Adobe Inc. (NASDAQ:ADBE)

Columbia Asset Management lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,292 shares of the software company's stock after selling 814 shares during the period. Adobe comprises approximately 1.2% of Columbia Asset Management's portfolio, making the stock its 18th biggest position. Columbia Asset Management's holdings in Adobe were worth $6,800,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. 1ST Source Bank raised its position in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after purchasing an additional 20 shares during the period. Foster Group Inc. increased its holdings in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after purchasing an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after purchasing an additional 23 shares during the period. Veery Capital LLC lifted its holdings in shares of Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company's stock valued at $585,000 after purchasing an additional 24 shares in the last quarter. Finally, Cornerstone Wealth Management LLC boosted its position in Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company's stock worth $590,000 after acquiring an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

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Analyst Ratings Changes

A number of research firms have recently commented on ADBE. DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a research note on Thursday, December 12th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $531.54.

Adobe Price Performance

NASDAQ:ADBE traded down $18.53 on Thursday, hitting $367.25. The company had a trading volume of 5,319,125 shares, compared to its average volume of 3,336,670. The firm has a 50 day moving average of $428.78 and a two-hundred day moving average of $465.84. The stock has a market capitalization of $156.52 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 52 week low of $365.86 and a 52 week high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company posted $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction 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 transaction, the executive vice president now directly owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by company insiders.

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.