Janney Capital Management LLC Has $10.05 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Janney Capital Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.1% during the fourth quarter, HoldingsChannel reports. The firm owned 22,596 shares of the software company’s stock after selling 727 shares during the quarter. Janney Capital Management LLC’s holdings in Adobe were worth $10,048,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Public Sector Pension Investment Board grew its position in Adobe by 71.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 17,222 shares of the software company’s stock worth $9,568,000 after acquiring an additional 7,155 shares during the last quarter. Magnetar Financial LLC acquired a new stake in shares of Adobe during the second quarter valued at about $597,000. Providence Capital Advisors LLC grew its holdings in shares of Adobe by 38.8% during the second quarter. Providence Capital Advisors LLC now owns 15,222 shares of the software company’s stock worth $8,456,000 after purchasing an additional 4,255 shares during the last quarter. Mill Creek Capital Advisors LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $220,000. Finally, Semmax Financial Advisors Inc. raised its holdings in Adobe by 19.1% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 4,650 shares of the software company’s stock valued at $2,489,000 after buying an additional 747 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 in the last quarter. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada decreased their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Bank of America lowered their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Down 0.2 %

NASDAQ ADBE opened at $435.38 on Wednesday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The business has a 50 day moving average price of $473.26 and a 200-day moving average price of $510.05. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $189.52 billion, a price-to-earnings ratio of 35.36, a P/E/G ratio of 2.08 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 EPS. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, 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.