Burr Financial Services LLC Trims Position in Adobe Inc. (NASDAQ:ADBE)

Burr Financial Services LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,570 shares of the software company’s stock after selling 180 shares during the period. Adobe makes up about 0.8% of Burr Financial Services LLC’s portfolio, making the stock its 13th biggest position. Burr Financial Services LLC’s holdings in Adobe were worth $1,143,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ADBE. Nordea Investment Management AB grew its position in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board raised its position in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc grew its position in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after buying an additional 2,113 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 0.2 %

NASDAQ ADBE opened at $437.32 on Thursday. 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 stock has a market capitalization of $190.37 billion, a P/E ratio of 35.27, a PEG ratio of 2.11 and a beta of 1.31. The firm’s 50-day moving average is $471.36 and its two-hundred day moving average is $509.54. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the business posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’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 transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock worth $893,665 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Oppenheimer lowered their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.