Fox Hill Wealth Management Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Fox Hill Wealth Management trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 47.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,891 shares of the software company's stock after selling 2,598 shares during the quarter. Fox Hill Wealth Management's holdings in Adobe were worth $1,286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB lifted its position in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company's stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank lifted its holdings in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after buying an additional 428 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Adobe by 8.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company's stock valued at $44,036,000 after buying an additional 6,720 shares during the period. Quest Partners LLC lifted its holdings in shares of Adobe by 322.1% in the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company's stock valued at $1,285,000 after buying an additional 1,894 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter valued at about $30,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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Adobe Trading Down 0.6 %

ADBE traded down $2.35 during trading hours on Friday, reaching $387.26. The company's stock had a trading volume of 7,579,546 shares, compared to its average volume of 3,193,419. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The stock has a market cap of $168.62 billion, a PE ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. The business's 50-day moving average is $434.16 and its 200-day moving average is $475.80. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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

Insiders Place Their Bets

In other news, Director David A. Ricks purchased 2,250 shares of the firm's stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last ninety days. Corporate insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Wells Fargo & Company decreased their price objective on Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a report on Friday, March 7th. Stifel Nicolaus decreased their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Finally, UBS Group set a $495.00 price target on Adobe in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $538.80.

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.