Patten Group Inc. Has $1.11 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Patten Group Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 49.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,500 shares of the software company’s stock after selling 2,449 shares during the period. Patten Group Inc.’s holdings in Adobe were worth $1,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Swedbank AB boosted its holdings in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the period. Chicago Partners Investment Group LLC boosted its stake in shares of Adobe by 3.3% in the third quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company’s stock valued at $1,408,000 after buying an additional 93 shares during the period. Princeton Global Asset Management LLC acquired a new stake in Adobe during the third quarter worth approximately $53,000. Janney Montgomery Scott LLC increased its stake in Adobe by 0.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 97,316 shares of the software company’s stock worth $50,388,000 after acquiring an additional 364 shares during the period. Finally, Blue Square Asset Management LLC raised its holdings in Adobe by 3.6% in the 3rd quarter. Blue Square Asset Management LLC now owns 4,942 shares of the software company’s stock valued at $2,559,000 after acquiring an additional 174 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale 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 stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 0.5 %

Shares of Adobe stock opened at $440.72 on Tuesday. The company’s 50-day moving average price is $439.59 and its 200-day moving average price is $489.79. The company has a market cap of $191.85 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm earned $3.52 EPS. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. BMO Capital Markets decreased their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $570.88.

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.