Chesley Taft & Associates LLC Has $10.85 Million Position in Adobe Inc. (NASDAQ:ADBE)

Chesley Taft & Associates LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.9% during the 1st quarter, Holdings Channel reports. The firm owned 28,301 shares of the software company’s stock after selling 1,760 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Adobe were worth $10,854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its stake in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after acquiring an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of Adobe in the fourth quarter valued at $76,712,000. Ninety One UK Ltd raised its position in shares of Adobe by 36.1% in the fourth quarter. Ninety One UK Ltd now owns 84,957 shares of the software company’s stock valued at $37,779,000 after purchasing an additional 22,542 shares during the period. Redwood Wealth Management Group LLC boosted its holdings in shares of Adobe by 25.6% during the 4th quarter. Redwood Wealth Management Group LLC now owns 1,056 shares of the software company’s stock worth $470,000 after buying an additional 215 shares during the period. Finally, Avitas Wealth Management LLC grew its stake in Adobe by 0.6% in the 4th quarter. Avitas Wealth Management LLC now owns 6,229 shares of the software company’s stock valued at $2,770,000 after buying an additional 39 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Adobe stock opened at $413.91 on Thursday. The stock has a 50-day moving average price of $380.10 and a two-hundred day moving average price of $426.39. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market capitalization of $176.41 billion, a PE ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55. 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 issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ADBE. Evercore ISI cut their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Bank of America dropped their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. UBS Group lowered their price objective on Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Finally, Oppenheimer reduced their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $502.88.

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.