Operose Advisors LLC Has $123,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Operose Advisors LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 26.6% during the fourth quarter, Holdings Channel reports. The fund owned 276 shares of the software company’s stock after selling 100 shares during the quarter. Operose Advisors LLC’s holdings in Adobe were worth $123,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank bought a new position in Adobe in the 4th quarter valued at about $2,553,035,000. Edgewood Management LLC lifted its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after purchasing an additional 163,983 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is owned by insiders.

Adobe Price Performance

Adobe stock opened at $350.91 on Tuesday. The stock has a 50-day moving average price of $411.27 and a two-hundred day moving average price of $454.13. 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 $149.56 billion, a PE ratio of 28.30, a P/E/G ratio of 2.15 and a beta of 1.49. 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 posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company earned $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Citigroup reduced their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Oppenheimer lowered their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price target on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research note on Monday. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $518.46.

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.