Adobe Inc. (NASDAQ:ADBE) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 88.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 144 shares of the software company's stock after selling 1,099 shares during the quarter. Magellan Asset Management Ltd's holdings in Adobe were worth $64,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% during 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. Decker Retirement Planning Inc. acquired a new position in Adobe in the fourth quarter valued at $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at about $31,000. Finally, Caitlin John LLC boosted its stake in shares of Adobe by 171.4% during 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 period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ:ADBE traded down $18.53 during trading hours on Thursday, reaching $367.25. 5,319,125 shares of the company traded hands, compared to its average volume of 3,339,589. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm's 50-day moving average is $427.38 and its 200-day moving average is $465.15. The stock has a market cap of $156.52 billion, a P/E ratio of 29.62, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 1-year low of $365.86 and a 1-year high of $587.75.

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Adobe (NASDAQ:ADBE - Get Free Report) last posted 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. 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 last year, the company earned $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. TD Cowen lowered Adobe from a "buy" rating to a "hold" rating and dropped their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Robert W. Baird decreased their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research report on Thursday, December 12th. Finally, Oppenheimer cut their price objective on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $531.54.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company's stock.

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.