Boston Trust Walden Corp Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Boston Trust Walden Corp lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% in the 4th quarter, Holdings Channel reports. The fund owned 126,629 shares of the software company’s stock after selling 863 shares during the quarter. Boston Trust Walden Corp’s holdings in Adobe were worth $56,309,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADBE. Czech National Bank grew its holdings in Adobe by 5.8% in the 3rd quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after buying an additional 4,954 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the last quarter. Diversified Trust Co grew its holdings in shares of Adobe by 10.8% in the third quarter. Diversified Trust Co now owns 6,446 shares of the software company’s stock valued at $3,338,000 after purchasing an additional 630 shares during the period. Smith Anglin Financial LLC increased its position in Adobe by 6.1% during the third quarter. Smith Anglin Financial LLC now owns 657 shares of the software company’s stock worth $340,000 after purchasing an additional 38 shares during the last quarter. Finally, Consilio Wealth Advisors LLC raised its stake in Adobe by 15.9% during the third quarter. Consilio Wealth Advisors LLC now owns 539 shares of the software company’s stock worth $279,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ADBE shares. Wells Fargo & Company dropped their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein cut their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Bank of America cut their price objective 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 investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Down 1.9 %

Shares of NASDAQ:ADBE opened at $437.45 on Monday. The company has a market cap of $190.42 billion, a PE ratio of 35.28, a P/E/G ratio of 2.12 and a beta of 1.31. The company’s 50 day moving average is $461.97 and its two-hundred day moving average is $502.99. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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, beating 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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.