Cerity Partners LLC Sells 21,390 Shares of Adobe Inc. (NASDAQ:ADBE)

Cerity Partners LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 284,118 shares of the software company’s stock after selling 21,390 shares during the period. Cerity Partners LLC’s holdings in Adobe were worth $130,251,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter valued at about $26,000. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Summit Securities Group LLC bought a new position in Adobe during the 4th quarter valued at approximately $31,000. Caitlin John LLC increased its position in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its holdings in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after acquiring an additional 50 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last three months. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Down 5.0 %

Shares of NASDAQ:ADBE opened at $349.07 on Monday. The firm has a market capitalization of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $333.36 and a 1 year high of $587.75. The business has a 50 day simple moving average of $425.66 and a two-hundred day simple moving average of $463.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company posted $4.48 EPS. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Mizuho reduced their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Robert W. Baird decreased their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, Wells Fargo & Company cut their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $531.54.

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.