Braun Bostich & Associates Inc. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Braun Bostich & Associates Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 15.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 500 shares of the software company’s stock after selling 89 shares during the period. Braun Bostich & Associates Inc.’s holdings in Adobe were worth $222,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board grew 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 during the period. GAMMA Investing LLC increased its stake in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of 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 during the period. Finally, Morse Asset Management Inc lifted its stake in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ ADBE opened at $436.36 on Wednesday. The company has a 50 day moving average price of $475.06 and a two-hundred day moving average price of $511.05. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The stock has a market capitalization of $189.95 billion, a PE ratio of 35.19, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the company posted $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several recent research reports. Wells Fargo & Company reduced 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. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Citigroup dropped their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Mizuho lowered their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price 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.