Enterprise Financial Services Corp Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Enterprise Financial Services Corp cut its position in Adobe Inc. (NASDAQ:ADBE) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 818 shares of the software company’s stock after selling 46 shares during the period. Enterprise Financial Services Corp’s holdings in Adobe were worth $364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of ADBE. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% in the 3rd 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 in the last quarter. Briaud Financial Planning Inc acquired a new position in shares of Adobe in the 3rd quarter valued at $36,000. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe during the 4th quarter worth $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Royal Bank of Canada cut their price objective on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a research report on Friday. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $567.81.

Insider Activity

In other Adobe news, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s 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 completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 1.0 %

Shares of ADBE stock opened at $449.40 on Friday. The stock has a market cap of $195.62 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm’s 50 day moving average price is $439.56 and its two-hundred day moving average price is $487.15. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a quick ratio of 1.07, a current 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 analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.52 earnings per share. On average, analysts anticipate 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.