Adobe Inc. (NASDAQ:ADBE) Shares Sold by Everhart Financial Group Inc.

Everhart Financial Group Inc. decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,739 shares of the software company’s stock after selling 134 shares during the period. Everhart Financial Group Inc.’s holdings in Adobe were worth $1,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. TigerOak Management L.L.C. acquired a new position in Adobe during the fourth quarter worth about $1,931,000. Newman Dignan & Sheerar Inc. raised its position in Adobe by 3.2% during the fourth quarter. Newman Dignan & Sheerar Inc. now owns 1,655 shares of the software company’s stock worth $736,000 after acquiring an additional 51 shares during the last quarter. Hickory Asset Management Inc. acquired a new position in Adobe during the fourth quarter worth about $350,000. Aveo Capital Partners LLC raised its position in Adobe by 17.7% during the fourth quarter. Aveo Capital Partners LLC now owns 1,139 shares of the software company’s stock worth $506,000 after acquiring an additional 171 shares during the last quarter. Finally, Manchester Capital Management LLC raised its position in Adobe by 2.3% during the fourth quarter. Manchester Capital Management LLC now owns 3,058 shares of the software company’s stock worth $1,360,000 after acquiring an additional 68 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on 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 completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE opened at $460.16 on Friday. The company has a 50 day moving average of $446.56 and a two-hundred day moving average of $496.88. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $607.32. 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 company has a market cap of $200.31 billion, a P/E ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. Jefferies Financial Group cut their target price on shares of 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 lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Citigroup lowered their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, BMO Capital Markets lowered their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.