Founders Capital Management Sells 44 Shares of Adobe Inc. (NASDAQ:ADBE)

Founders Capital Management lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,994 shares of the software company’s stock after selling 44 shares during the quarter. Adobe makes up approximately 2.3% of Founders Capital Management’s investment portfolio, making the stock its 17th largest position. Founders Capital Management’s holdings in Adobe were worth $3,555,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB lifted its position in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board boosted its position in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc lifted its stake in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ ADBE traded up $2.77 on Monday, hitting $408.69. The stock had a trading volume of 1,840,289 shares, compared to its average volume of 3,878,146. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a market capitalization of $179.91 billion, a price-to-earnings ratio of 32.96, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The firm has a 50-day moving average of $484.01 and a 200-day moving average of $517.00.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock worth $1,679,809 in the last ninety days. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. BMO Capital Markets dropped their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Bank of America lowered their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $575.85.

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.