Adobe Inc. (NASDAQ:ADBE) Position Lessened by Carnegie Investment Counsel

Carnegie Investment Counsel decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,889 shares of the software company’s stock after selling 6,181 shares during the period. Carnegie Investment Counsel’s holdings in Adobe were worth $25,742,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirador Capital Partners LP purchased a new stake in shares of Adobe during the 4th quarter worth about $1,228,000. West Coast Financial LLC acquired a new position in Adobe in the fourth quarter worth approximately $8,052,000. Hennion & Walsh Asset Management Inc. raised its position in Adobe by 7.2% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 12,118 shares of the software company’s stock valued at $5,389,000 after acquiring an additional 817 shares in the last quarter. Mason & Associates Inc acquired a new stake in Adobe in the fourth quarter valued at approximately $300,000. Finally, Winch Advisory Services LLC grew its position in Adobe by 2.9% in the fourth quarter. Winch Advisory Services LLC now owns 6,215 shares of the software company’s stock worth $2,764,000 after acquiring an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADBE. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, BMO Capital Markets lowered their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock valued at $893,665 over the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

ADBE opened at $426.93 on Friday. The stock’s 50 day simple moving average is $479.32 and its 200-day simple moving average is $514.33. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. The stock has a market cap of $185.84 billion, a PE ratio of 34.43, a P/E/G ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.52 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS 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.