Kensington Investment Counsel LLC Sells 34 Shares of Adobe Inc. (NASDAQ:ADBE)

Kensington Investment Counsel LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,987 shares of the software company’s stock after selling 34 shares during the quarter. Kensington Investment Counsel LLC’s holdings in Adobe were worth $884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new stake in Adobe in the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter worth approximately $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter worth approximately $31,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ADBE shares. Oppenheimer dropped their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Evercore ISI dropped their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Stifel Nicolaus dropped their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Jefferies Financial Group dropped their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, BMO Capital Markets dropped their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $540.60.

Adobe Price Performance

Shares of ADBE stock opened at $399.34 on Tuesday. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The stock has a market capitalization of $173.88 billion, a price-to-earnings ratio of 32.20, a P/E/G ratio of 2.15 and a beta of 1.37. The stock has a fifty day simple moving average of $436.39 and a two-hundred day simple moving average of $480.30. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company posted $4.48 EPS. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe 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.