Ironvine Capital Partners LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Ironvine Capital Partners LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,593 shares of the software company's stock after selling 6,323 shares during the period. Adobe accounts for 1.3% of Ironvine Capital Partners LLC's portfolio, making the stock its 22nd largest holding. Ironvine Capital Partners LLC's holdings in Adobe were worth $11,825,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Decker Retirement Planning Inc. bought a new stake in Adobe during the fourth quarter worth approximately $31,000. Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter valued at $31,000. Caitlin John LLC lifted its position in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the last quarter. Avion Wealth boosted its stake in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after buying an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC increased its position in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after acquiring an additional 50 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 1.9 %

Shares of NASDAQ:ADBE opened at $349.91 on Wednesday. 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 52-week low of $332.01 and a 52-week high of $587.75. The business has a 50-day moving average price of $398.97 and a 200-day moving average price of $447.84. The stock has a market cap of $149.13 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its 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. 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 analyst estimates of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company's stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last 90 days. Corporate insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ADBE shares. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. BMO Capital Markets dropped their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Bank of America reduced their price target on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Finally, Jefferies Financial Group decreased their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $506.73.

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.

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.