Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lessened by Kennedy Investment Group

Kennedy Investment Group cut its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,937 shares of the software company's stock after selling 1,406 shares during the quarter. Kennedy Investment Group's holdings in Adobe were worth $1,306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC lifted its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after purchasing an additional 34 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ:ADBE traded down $1.16 during midday trading on Wednesday, hitting $441.68. 2,993,831 shares of the stock were exchanged, compared to its average volume of 4,004,716. The company has a market capitalization of $192.26 billion, a price-to-earnings ratio of 35.62, a P/E/G ratio of 2.12 and a beta of 1.31. 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 one year low of $403.75 and a one year high of $638.25. The business has a 50-day moving average price of $465.79 and a two-hundred day moving average price of $505.60.

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

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, 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. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed 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. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Finally, DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $573.00.

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.