Blue Chip Partners LLC Sells 83 Shares of Adobe Inc. (NASDAQ:ADBE)

Blue Chip Partners LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,415 shares of the software company’s stock after selling 83 shares during the quarter. Blue Chip Partners LLC’s holdings in Adobe were worth $1,519,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in Adobe by 2.4% in the 4th quarter. CIBC Asset Management Inc now owns 156,280 shares of the software company’s stock worth $69,495,000 after purchasing an additional 3,674 shares during the period. Sanctuary Advisors LLC boosted its holdings in shares of Adobe by 17.5% in the fourth quarter. Sanctuary Advisors LLC now owns 59,982 shares of the software company’s stock worth $26,752,000 after buying an additional 8,938 shares during the last quarter. Catalyst Capital Advisors LLC increased its holdings in Adobe by 108.1% during the fourth quarter. Catalyst Capital Advisors LLC now owns 1,074 shares of the software company’s stock valued at $478,000 after buying an additional 558 shares during the last quarter. Philip James Wealth Mangement LLC grew its position in shares of Adobe by 14.3% during the 4th quarter. Philip James Wealth Mangement LLC now owns 464 shares of the software company’s stock valued at $206,000 after acquiring an additional 58 shares during the period. Finally, Capital Performance Advisors LLP raised its holdings in Adobe by 282.4% in the 4th quarter. Capital Performance Advisors LLP now owns 761 shares of the software company’s stock worth $338,000 after purchasing an additional 562 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group reduced their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity

In related news, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was 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 directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on 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. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $460.16 on Monday. 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 stock has a market capitalization of $200.31 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31. The firm’s 50 day simple moving average is $446.56 and its 200-day simple moving average is $496.20. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $607.32.

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 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 analyst estimates of $5.54 billion. During the same period in the prior year, the company posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts expect 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.