Tributary Capital Management LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Tributary Capital Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,305 shares of the software company’s stock after selling 65 shares during the quarter. Tributary Capital Management LLC’s holdings in Adobe were worth $580,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $26,000. Groupama Asset Managment lifted its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter worth $30,000. Finally, True Wealth Design LLC grew its position in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE stock opened at $435.38 on Friday. The business’s fifty day moving average price is $468.14 and its 200 day moving average price is $508.06. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The company has a market capitalization of $189.52 billion, a PE ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. 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 issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the company earned $3.52 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADBE. Royal Bank of Canada lowered their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. UBS Group dropped their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Jefferies Financial Group lowered their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $573.00.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. 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.