Creekmur Asset Management LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Creekmur Asset Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 51.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 163 shares of the software company’s stock after selling 170 shares during the period. Creekmur Asset Management LLC’s holdings in Adobe were worth $72,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. State Street Corp raised its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC grew its stake in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank purchased a new stake in Adobe in the 4th quarter worth $2,553,035,000. Charles Schwab Investment Management Inc. raised its position in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after purchasing an additional 163,983 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now 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 5,075 shares of company stock valued at $2,191,826 in the last ninety days. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. BMO Capital Markets reduced their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Wells Fargo & Company reduced their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Morgan Stanley dropped their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Stock Performance

NASDAQ ADBE opened at $383.20 on Wednesday. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $163.32 billion, a PE ratio of 30.90, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a fifty day moving average of $429.81 and a two-hundred day moving average of $466.40.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the business earned $4.48 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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.