Family Management Corp Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Family Management Corp trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 80.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 1,108 shares of the software company’s stock after selling 4,572 shares during the quarter. Family Management Corp’s holdings in Adobe were worth $493,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Diversified Trust Co grew its holdings in Adobe by 27.6% in the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock worth $3,656,000 after acquiring an additional 1,776 shares during the last quarter. Northcape Capital Pty Ltd grew its stake in shares of Adobe by 44.4% in the fourth quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after purchasing an additional 1,585 shares during the last quarter. Fulton Bank N.A. increased its holdings in Adobe by 3.2% during the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock valued at $7,195,000 after purchasing an additional 499 shares during the period. Fortitude Family Office LLC raised its position in Adobe by 15.6% during the 4th quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock valued at $89,000 after purchasing an additional 27 shares during the last quarter. Finally, ORG Partners LLC lifted its holdings in Adobe by 64.4% in the 4th quarter. ORG Partners LLC now owns 513 shares of the software company’s stock worth $228,000 after buying an additional 201 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. BMO Capital Markets reduced their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Bank of America dropped their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Finally, Evercore ISI lowered their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 0.5 %

NASDAQ:ADBE opened at $384.97 on Thursday. The firm has a 50-day simple moving average of $382.06 and a two-hundred day simple moving average of $438.62. The firm has a market cap of $164.07 billion, a P/E ratio of 31.05, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 earnings per share. Analysts predict 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.