Brookstone Capital Management Sells 3,141 Shares of Adobe Inc. (NASDAQ:ADBE)

Brookstone Capital Management decreased its position in Adobe Inc. (NASDAQ:ADBE) by 39.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,758 shares of the software company’s stock after selling 3,141 shares during the quarter. Brookstone Capital Management’s holdings in Adobe were worth $2,116,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. State Street Corp increased its position in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the period. Geode Capital Management LLC increased its position in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares during the period. FMR LLC increased its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC increased its position in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after acquiring an additional 140,390 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $417.28 on Thursday. The stock has a 50-day simple moving average of $481.07 and a 200 day simple moving average of $515.02. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. 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 $183.69 billion, a price-to-earnings ratio of 33.65, a P/E/G ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.52 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by insiders.

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.