Adobe Inc. (NASDAQ:ADBE) Stock Position Lessened by New York Life Investment Management LLC

New York Life Investment Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 65,595 shares of the software company’s stock after selling 254 shares during the quarter. New York Life Investment Management LLC’s holdings in Adobe were worth $29,169,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Swedbank AB boosted its stake in Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares in the last quarter. Hunter Associates Investment Management LLC boosted its stake in Adobe by 28.9% during the third quarter. Hunter Associates Investment Management LLC now owns 891 shares of the software company’s stock valued at $463,000 after buying an additional 200 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. bought a new position in Adobe during the third quarter valued at about $435,000. Fortitude Family Office LLC boosted its stake in Adobe by 31.1% during the third quarter. Fortitude Family Office LLC now owns 173 shares of the software company’s stock valued at $90,000 after buying an additional 41 shares in the last quarter. Finally, Integrated Advisors Network LLC boosted its stake in Adobe by 34.6% during the third quarter. Integrated Advisors Network LLC now owns 5,927 shares of the software company’s stock valued at $3,069,000 after buying an additional 1,522 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.4 %

ADBE opened at $441.50 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The business has a 50-day moving average of $439.88 and a 200-day moving average of $492.27. 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 company has a market capitalization of $192.18 billion, a PE ratio of 35.60, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business earned $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 20th. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Insider Transactions at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. Corporate insiders own 0.15% of the company’s stock.

About Adobe

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.