Tower Bridge Advisors Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Tower Bridge Advisors lowered its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,868 shares of the software company’s stock after selling 220 shares during the period. Tower Bridge Advisors’ holdings in Adobe were worth $7,946,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Swedbank AB grew its position in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the last quarter. JFS Wealth Advisors LLC grew its position in Adobe by 586.4% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock worth $547,000 after purchasing an additional 903 shares during the last quarter. Financial Advocates Investment Management grew its position in Adobe by 2.2% during the 3rd quarter. Financial Advocates Investment Management now owns 3,214 shares of the software company’s stock worth $1,664,000 after purchasing an additional 68 shares during the last quarter. PineStone Asset Management Inc. grew its position in Adobe by 0.9% during the 3rd quarter. PineStone Asset Management Inc. now owns 278,363 shares of the software company’s stock worth $144,131,000 after purchasing an additional 2,400 shares during the last quarter. Finally, LCM Capital Management Inc grew its position in Adobe by 1.3% during the 3rd quarter. LCM Capital Management Inc now owns 2,699 shares of the software company’s stock worth $1,397,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $438.49 on Friday. 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 company has a fifty day moving average of $439.71 and a two-hundred day moving average of $491.24. The stock has a market capitalization of $190.87 billion, a PE ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75.

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

Insider Activity

In other news, Director Amy Banse sold 606 shares of the stock in a transaction dated 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 represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group dropped their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $570.88.

Adobe 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.