Quadrant Capital Group LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Quadrant Capital Group LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 4,249 shares of the software company’s stock after selling 205 shares during the quarter. Quadrant Capital Group LLC’s holdings in Adobe were worth $1,889,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment lifted its position in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the fourth quarter valued at $31,000. Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter worth about $31,000. Finally, Caitlin John LLC raised its stake in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during 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 have issued reports on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. UBS Group set a $495.00 target price on shares of Adobe in a research note on Thursday, March 13th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Morgan Stanley reduced their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Stock Down 5.0 %

NASDAQ ADBE opened at $349.07 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a fifty-two week low of $348.80 and a fifty-two week high of $587.75. The business has a 50 day moving average price of $425.66 and a two-hundred day moving average price of $463.60. The stock has a market cap of $148.77 billion, a PE ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.