Cobblestone Capital Advisors LLC NY Has $2.34 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Cobblestone Capital Advisors LLC NY trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 80.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,250 shares of the software company’s stock after selling 21,706 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Adobe were worth $2,335,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Connable Office Inc. raised its holdings in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares during the period. 1ST Source Bank increased its stake in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. James J. Burns & Company LLC increased its stake in Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after buying an additional 22 shares during the last quarter. Holistic Financial Partners increased its stake in Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after buying an additional 22 shares during the last quarter. Finally, Latitude Advisors LLC increased its stake in Adobe by 4.3% in the 3rd quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock valued at $287,000 after buying an additional 23 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.3 %

ADBE stock opened at $438.49 on Friday. The company has a market capitalization of $190.87 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company’s 50 day moving average price is $439.71 and its two-hundred day moving average price is $491.24. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 20th. UBS Group lowered their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.