Essex Financial Services Inc. Sells 141 Shares of Adobe Inc. (NASDAQ:ADBE)

Essex Financial Services Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 7,605 shares of the software company’s stock after selling 141 shares during the quarter. Essex Financial Services Inc.’s holdings in Adobe were worth $3,382,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC increased its holdings in shares of Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. boosted its position in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after buying an additional 20 shares during the last quarter. 1ST Source Bank increased its holdings in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the period. James J. Burns & Company LLC raised its position in Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after buying an additional 22 shares during the last quarter. Finally, Holistic Financial Partners lifted its stake in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on ADBE shares. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Stifel Nicolaus decreased their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Adobe stock opened at $451.10 on Tuesday. The company has a fifty day simple moving average of $453.92 and a 200-day simple moving average of $499.09. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $196.36 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $626.34.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.52 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was 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. This trade represents a 11.06 % decrease in their position. 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 business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.

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.