Byrne Asset Management LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Byrne Asset Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% in the fourth quarter, HoldingsChannel reports. The fund owned 2,796 shares of the software company’s stock after selling 99 shares during the period. Byrne Asset Management LLC’s holdings in Adobe were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its stake in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. FMR LLC boosted its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the period. Assenagon Asset Management S.A. increased its stake in Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after buying an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd purchased a new position in shares of Adobe in the fourth quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new position in shares of Adobe in the third quarter worth about $126,703,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 0.5 %

NASDAQ ADBE opened at $433.07 on Friday. The stock has a market cap of $188.52 billion, a PE ratio of 34.93, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $628.07. The company’s 50-day moving average price is $455.58 and its 200-day moving average price is $500.48. 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 announced its quarterly 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe 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 sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. UBS Group lowered their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Wells Fargo & Company lowered their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Mizuho reduced their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada cut their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Stifel Nicolaus decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.