Vestmark Advisory Solutions Inc. Has $1.62 Million Position in Adobe Inc. (NASDAQ:ADBE)

Vestmark Advisory Solutions Inc. cut its position in Adobe Inc. (NASDAQ:ADBE) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,648 shares of the software company’s stock after selling 272 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Adobe were worth $1,622,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Connable Office Inc. lifted its holdings in 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 in the last quarter. 1ST Source Bank raised its position in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. Holistic Financial Partners lifted its holdings in shares of Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. Foster Group Inc. increased its stake in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after purchasing an additional 23 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC raised its holdings in Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after buying an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $567.81.

Adobe Trading Up 1.0 %

Shares of Adobe stock opened at $449.40 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day simple moving average of $439.56 and a two-hundred day simple moving average of $487.67. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a market capitalization of $195.62 billion, a price-to-earnings ratio of 36.24, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its earnings results 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 company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 EPS. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.