Adobe Inc. (NASDAQ:ADBE) Shares Sold by Chesley Taft & Associates LLC

Chesley Taft & Associates LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,061 shares of the software company’s stock after selling 2,278 shares during the period. Chesley Taft & Associates LLC’s holdings in Adobe were worth $13,368,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC raised its holdings in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. FMR LLC increased its position in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe in the 4th quarter valued at $110,744,000. Finally, Erste Asset Management GmbH purchased a new stake in Adobe in the 3rd quarter worth $126,703,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of Adobe stock opened at $429.99 on Tuesday. The stock has a market capitalization of $187.17 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31. 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 business has a 50-day moving average of $475.06 and a 200 day moving average of $511.05. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

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 stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Royal Bank of Canada dropped their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Barclays lowered their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Bank of America reduced their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

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.