Quadrant Capital Group LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Quadrant Capital Group LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,249 shares of the software company’s stock after selling 205 shares during the quarter. Quadrant Capital Group LLC’s holdings in Adobe were worth $1,889,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. 1ST Source Bank boosted its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the period. Foster Group Inc. lifted its position in shares of Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after purchasing an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares during the period. Veery Capital LLC grew its holdings in shares of Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after purchasing an additional 24 shares in the last quarter. Finally, Cornerstone Wealth Management LLC increased its stake in Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after buying an additional 24 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on ADBE shares. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Morgan Stanley lowered their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the firm’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 completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Insiders own 0.16% of the company’s stock.

Adobe Trading Down 5.0 %

NASDAQ ADBE opened at $349.07 on Friday. Adobe Inc. has a one year low of $348.80 and a one year high of $587.75. The firm has a market cap of $148.77 billion, a PE ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. The firm’s fifty day moving average is $425.66 and its two-hundred day moving average is $463.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Adobe Company 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.