O Shaughnessy Asset Management LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

O Shaughnessy Asset Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,739 shares of the software company's stock after selling 8,008 shares during the quarter. O Shaughnessy Asset Management LLC's holdings in Adobe were worth $24,341,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. State Street Corp boosted its position in shares of Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC grew its stake in Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the period. Norges Bank bought a new stake in shares of Adobe during the fourth quarter valued at approximately $2,553,035,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock worth $1,249,066,000 after purchasing an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after buying an additional 163,983 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. TD Cowen lowered shares of Adobe from a "buy" rating to a "hold" rating and lowered their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Robert W. Baird lowered their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Finally, StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Eleven equities research 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. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $531.54.

Insider Activity at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the firm's stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, 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 document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction dated Monday, January 27th. The shares were 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 in the company, 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. Over the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Stock Down 4.0 %

Shares of ADBE stock traded down $15.26 during mid-day trading on Thursday, reaching $370.52. 2,208,857 shares of the company's stock traded hands, compared to its average volume of 3,324,924. Adobe Inc. has a 12 month low of $367.96 and a 12 month high of $587.75. The company's 50-day moving average price is $428.78 and its 200-day moving average price is $465.84. The company has a market cap of $157.92 billion, a P/E ratio of 29.88, a P/E/G ratio of 2.15 and a beta of 1.37. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business posted $4.48 earnings per share. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.