Intermede Investment Partners Ltd Sells 2,114 Shares of Adobe Inc. (NASDAQ:ADBE)

Intermede Investment Partners Ltd reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% during the fourth quarter, HoldingsChannel reports. The firm owned 225,716 shares of the software company’s stock after selling 2,114 shares during the period. Adobe comprises 2.7% of Intermede Investment Partners Ltd’s portfolio, making the stock its 21st biggest holding. Intermede Investment Partners Ltd’s holdings in Adobe were worth $100,371,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at about $26,000. Groupama Asset Managment lifted its position in Adobe by 28.8% during the third 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 in the third quarter worth approximately $30,000. True Wealth Design LLC grew its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. purchased a new stake in Adobe during the 4th quarter valued at $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost 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 $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

ADBE stock opened at $438.60 on Thursday. The company has a market capitalization of $190.97 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company’s fifty day moving average price is $439.01 and its 200-day moving average price is $484.54. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm earned $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ADBE shares. Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Citigroup dropped their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday. Finally, BMO Capital Markets set a $515.00 price target on shares of Adobe and gave the stock an “outperform” rating in a research report on Friday, March 7th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $563.96.

Adobe 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.