Progressive Investment Management Corp Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Progressive Investment Management Corp lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,982 shares of the software company’s stock after selling 265 shares during the period. Adobe accounts for about 1.3% of Progressive Investment Management Corp’s portfolio, making the stock its 25th largest position. Progressive Investment Management Corp’s holdings in Adobe were worth $4,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter worth approximately $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares in the last quarter. True Wealth Design LLC lifted its holdings 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 worth $30,000 after buying an additional 34 shares during the period. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter worth $31,000. Finally, Caitlin John LLC increased its stake in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Morgan Stanley cut their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. decreased their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $533.85.

Adobe Trading Down 2.6 %

NASDAQ ADBE opened at $385.71 on Friday. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $167.94 billion, a PE ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a fifty day moving average of $431.81 and a 200 day moving average of $470.42.

Adobe (NASDAQ:ADBE) last issued its 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 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 the consensus estimate of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. Research 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.