Saratoga Research & Investment Management Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Saratoga Research & Investment Management lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,136 shares of the software company's stock after selling 3,357 shares during the quarter. Adobe makes up 1.6% of Saratoga Research & Investment Management's portfolio, making the stock its 23rd biggest position. Saratoga Research & Investment Management's holdings in Adobe were worth $32,077,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ADBE. United Bank raised its holdings in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company's stock worth $1,344,000 after purchasing an additional 428 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Adobe during the third quarter valued at approximately $719,000. Tradition Wealth Management LLC raised its stake in Adobe by 2.8% during the third quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock valued at $1,370,000 after buying an additional 73 shares during the last quarter. Semmax Financial Advisors Inc. boosted its holdings in Adobe by 9.5% in the third quarter. Semmax Financial Advisors Inc. now owns 5,094 shares of the software company's stock worth $2,681,000 after acquiring an additional 444 shares in the last quarter. Finally, Plotkin Financial Advisors LLC bought a new position in shares of Adobe during the third quarter valued at $316,000. Institutional investors own 81.79% of the company's stock.

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Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm'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 in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. 0.16% of the stock is owned by company insiders.

Adobe Trading Down 4.0 %

NASDAQ:ADBE traded down $15.26 during midday trading on Thursday, hitting $370.52. The stock had a trading volume of 2,208,857 shares, compared to its average volume of 3,324,924. Adobe Inc. has a one year low of $367.96 and a one year high of $587.75. The company has a market capitalization of $157.92 billion, a price-to-earnings ratio of 29.88, a PEG ratio of 2.15 and a beta of 1.37. The stock has a 50-day moving average of $428.78 and a 200 day moving average of $465.84. 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 released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a research note on Thursday, December 12th. Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Evercore ISI decreased their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. BMO Capital Markets reduced their price objective on shares of Adobe from $515.00 to $495.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Finally, Bank of America cut their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $531.54.

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.