Adobe Inc. (NASDAQ:ADBE) is Legal Advantage Investments Inc.’s 9th Largest Position

Legal Advantage Investments Inc. lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.4% in the fourth quarter, HoldingsChannel reports. The firm owned 10,868 shares of the software company’s stock after selling 150 shares during the period. Adobe comprises about 2.6% of Legal Advantage Investments Inc.’s portfolio, making the stock its 9th largest holding. Legal Advantage Investments Inc.’s holdings in Adobe were worth $4,833,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Westwood Holdings Group Inc. lifted its holdings in Adobe by 26.5% during the 2nd quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after buying an additional 1,948 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Adobe by 333.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after buying an additional 5,465 shares during the last quarter. Commonwealth Financial Services LLC lifted its holdings in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the last quarter. HighVista Strategies LLC bought a new position in Adobe during the 2nd quarter worth approximately $1,722,000. Finally, Harmony Asset Management LLC lifted its holdings in Adobe by 1.6% during the 2nd quarter. Harmony Asset Management LLC now owns 6,548 shares of the software company’s stock worth $3,638,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $429.99 on Tuesday. The firm has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The stock’s 50 day moving average price is $476.55 and its two-hundred day moving average price is $512.03. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25.

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

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Bank of America lowered their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $573.00.

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.