AMI Asset Management Corp Sells 3,729 Shares of Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 82,514 shares of the software company’s stock after selling 3,729 shares during the period. Adobe comprises about 2.0% of AMI Asset Management Corp’s investment portfolio, making the stock its 23rd biggest position. AMI Asset Management Corp’s holdings in Adobe were worth $36,692,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Nordea Investment Management AB increased its position in Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc lifted its holdings in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after buying an additional 2,113 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.7 %

ADBE opened at $429.99 on Tuesday. The stock has a market capitalization of $187.17 billion, a P/E ratio of 34.68, a P/E/G ratio of 2.08 and a beta of 1.31. The firm’s fifty day simple moving average is $475.06 and its 200 day simple moving average is $511.05. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. 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 earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.52 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,763 shares of company stock valued at $893,665. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Monday. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Bank of America dropped their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Mizuho reduced their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.