Sigma Planning Corp cut its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 22.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,514 shares of the software company’s stock after selling 1,913 shares during the period. Sigma Planning Corp’s holdings in Adobe were worth $2,192,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the business. KMG Fiduciary Partners LLC grew its stake in shares of Adobe by 2.6% in the 4th quarter. KMG Fiduciary Partners LLC now owns 1,180 shares of the software company’s stock worth $397,000 after buying an additional 30 shares during the last quarter. Coastal Bridge Advisors LLC grew its stake in shares of Adobe by 2.8% in the 3rd quarter. Coastal Bridge Advisors LLC now owns 1,152 shares of the software company’s stock worth $317,000 after buying an additional 31 shares during the last quarter. Argus Investors Counsel Inc. lifted its position in Adobe by 0.5% in the 4th quarter. Argus Investors Counsel Inc. now owns 6,323 shares of the software company’s stock valued at $2,128,000 after acquiring an additional 31 shares in the last quarter. Desjardins Global Asset Management Inc. lifted its position in Adobe by 0.4% in the 3rd quarter. Desjardins Global Asset Management Inc. now owns 9,094 shares of the software company’s stock valued at $2,502,000 after acquiring an additional 32 shares in the last quarter. Finally, Northwest Investment Counselors LLC lifted its position in Adobe by 19.5% in the 4th quarter. Northwest Investment Counselors LLC now owns 196 shares of the software company’s stock valued at $66,000 after acquiring an additional 32 shares in the last quarter. 79.36% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on ADBE shares. Citigroup upped their price objective on Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research report on Monday, December 19th. BMO Capital Markets upped their price objective on Adobe from $395.00 to $400.00 and gave the company a “market perform” rating in a research report on Thursday, March 16th. Deutsche Bank Aktiengesellschaft upped their price objective on Adobe from $400.00 to $430.00 and gave the company a “buy” rating in a research report on Friday, December 16th. Evercore ISI increased their price target on Adobe from $350.00 to $425.00 in a report on Friday, December 16th. Finally, Piper Sandler reissued an “overweight” rating and set a $415.00 price target on shares of Adobe in a report on Wednesday, March 22nd. Sixteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Hold” and an average price target of $388.00.
Adobe Trading Up 1.3 %
Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. Adobe had a return on equity of 36.53% and a net margin of 26.32%. The business had revenue of $4.66 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the prior year, the business posted $2.84 EPS. Adobe’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 12.22 EPS for the current fiscal year.
Insiders Place Their Bets
In other Adobe news, Director John E. Warnock sold 3,000 shares of the stock in a transaction on Thursday, January 12th. The stock was sold at an average price of $341.91, for a total value of $1,025,730.00. Following the completion of the sale, the director now owns 380,465 shares in the company, valued at approximately $130,084,788.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director John E. Warnock sold 1,500 shares of the firm’s stock in a transaction dated Friday, March 17th. The stock was sold at an average price of $357.91, for a total transaction of $536,865.00. Following the completion of the transaction, the director now owns 378,965 shares in the company, valued at $135,635,363.15. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 3,000 shares of the firm’s stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $341.91, for a total value of $1,025,730.00. Following the transaction, the director now owns 380,465 shares of the company’s stock, valued at approximately $130,084,788.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,747 shares of company stock worth $7,915,709. Corporate insiders own 0.24% of the company’s stock.
About Adobe
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
Featured Stories
- Get a free copy of the StockNews.com research report on Adobe (ADBE)
- C3.ai Stock Plummets: Kerrisdale Capital’s Latest Target
- These Inflation-Resistant Restaurant Stocks Have Yield and Value
- Shock and Awe. PVH Holdings Stock Surges on Earnings Blowout
- Macy’s Gets Upgrade From JP Morgan On Renewed Confidence
- Should You Ride the Bullish Wave with Standex? Technicals Say Yes
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 – Get Rating).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.
