PFG Advisors Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

PFG Advisors reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,109 shares of the software company’s stock after selling 81 shares during the period. PFG Advisors’ holdings in Adobe were worth $1,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Swedbank AB grew its position in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares in the last quarter. United Bank grew its position in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its position in shares of Adobe by 2.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 2,497 shares of the software company’s stock valued at $1,293,000 after purchasing an additional 64 shares in the last quarter. Harbour Investments Inc. grew its position in shares of Adobe by 194.1% in the third quarter. Harbour Investments Inc. now owns 3,397 shares of the software company’s stock valued at $1,759,000 after purchasing an additional 2,242 shares in the last quarter. Finally, RPG Investment Advisory LLC grew its position in shares of Adobe by 0.9% in the third quarter. RPG Investment Advisory LLC now owns 23,272 shares of the software company’s stock valued at $12,050,000 after purchasing an additional 204 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Oppenheimer reduced their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets set a $515.00 target price on Adobe and gave the stock an “outperform” rating in a research report on Friday, March 7th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Wells Fargo & Company reduced their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $563.96.

Adobe Trading Up 1.1 %

NASDAQ ADBE opened at $438.60 on Thursday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average of $439.01 and a 200-day moving average of $484.54. The firm has a market cap of $190.97 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

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

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction on 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 transaction, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Insiders own 0.15% of the company’s stock.

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.