Exchange Traded Concepts LLC Sells 12,804 Shares of Adobe Inc. (NASDAQ:ADBE)

Exchange Traded Concepts LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 34.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 24,080 shares of the software company’s stock after selling 12,804 shares during the period. Exchange Traded Concepts LLC’s holdings in Adobe were worth $10,708,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ADBE. Point72 Asset Management L.P. lifted its position in Adobe by 179.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 125,012 shares of the software company’s stock valued at $69,449,000 after purchasing an additional 80,268 shares during the period. APG Asset Management N.V. raised its stake in shares of Adobe by 5.3% during the second quarter. APG Asset Management N.V. now owns 359,797 shares of the software company’s stock worth $186,500,000 after buying an additional 18,219 shares during the last quarter. Duquesne Family Office LLC bought a new position in Adobe in the second quarter valued at approximately $20,380,000. Drucker Wealth 3.0 LLC bought a new position in Adobe in the second quarter valued at approximately $1,101,000. Finally, Decatur Capital Management Inc. grew its holdings in Adobe by 2.5% during the 2nd quarter. Decatur Capital Management Inc. now owns 5,575 shares of the software company’s stock worth $3,097,000 after acquiring an additional 137 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. UBS Group decreased their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued 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, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Down 0.4 %

Shares of ADBE stock opened at $435.67 on Friday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock’s fifty day moving average price is $471.36 and its two-hundred day moving average price is $509.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $189.65 billion, a PE ratio of 35.21, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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 business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by company insiders.

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.