Olympiad Research LP Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Olympiad Research LP lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 41.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 896 shares of the software company’s stock after selling 638 shares during the period. Olympiad Research LP’s holdings in Adobe were worth $398,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC raised its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter valued at $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last ninety days. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Wells Fargo & Company dropped their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Trading Down 2.3 %

NASDAQ ADBE opened at $444.32 on Friday. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a 50-day simple moving average of $440.46 and a 200-day simple moving average of $494.02. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $193.41 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31.

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