Polen Capital Management LLC Sells 296,054 Shares of Adobe Inc. (NASDAQ:ADBE)

Polen Capital Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.9% in the 4th quarter, HoldingsChannel reports. The firm owned 3,015,574 shares of the software company’s stock after selling 296,054 shares during the quarter. Adobe accounts for approximately 3.6% of Polen Capital Management LLC’s portfolio, making the stock its 12th largest position. Polen Capital Management LLC’s holdings in Adobe were worth $1,340,966,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter worth $30,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the fourth quarter worth $31,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last 90 days. Company insiders own 0.16% of the company’s stock.

Adobe Stock Performance

ADBE opened at $394.74 on Monday. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The firm has a market capitalization of $171.87 billion, a PE ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. 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 business’s 50-day simple moving average is $437.03 and its 200 day simple moving average is $481.50.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on ADBE shares. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup decreased their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Sanford C. Bernstein decreased their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Robert W. Baird decreased their price objective on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Evercore ISI decreased their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $540.60.

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.