Boston Financial Mangement LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Boston Financial Mangement LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,818 shares of the software company’s stock after selling 611 shares during the period. Boston Financial Mangement LLC’s holdings in Adobe were worth $7,923,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ADBE. Jordan Park Group LLC raised its holdings in shares of Adobe by 18.3% during the 4th quarter. Jordan Park Group LLC now owns 517 shares of the software company’s stock valued at $230,000 after buying an additional 80 shares during the period. Concurrent Investment Advisors LLC grew its position in Adobe by 2.2% in the fourth quarter. Concurrent Investment Advisors LLC now owns 4,243 shares of the software company’s stock valued at $1,887,000 after acquiring an additional 90 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of Adobe by 6.1% during the fourth quarter. Handelsbanken Fonder AB now owns 170,531 shares of the software company’s stock valued at $75,832,000 after purchasing an additional 9,857 shares during the period. Mcdaniel Terry & Co. lifted its position in shares of Adobe by 2.1% during the fourth quarter. Mcdaniel Terry & Co. now owns 38,153 shares of the software company’s stock worth $16,966,000 after purchasing an additional 801 shares in the last quarter. Finally, Ownership Capital B.V. boosted its stake in shares of Adobe by 24.1% in the fourth quarter. Ownership Capital B.V. now owns 347,294 shares of the software company’s stock valued at $154,435,000 after purchasing an additional 67,541 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost 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. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADBE shares. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets cut their price target on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday. Wells Fargo & Company lowered their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Sanford C. Bernstein cut their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Performance

ADBE stock opened at $456.99 on Thursday. The stock’s fifty day moving average is $441.28 and its two-hundred day moving average is $494.89. The stock has a market capitalization of $198.93 billion, a price-to-earnings ratio of 36.85, a PEG ratio of 2.23 and a beta of 1.31. 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 Inc. has a 1 year low of $403.75 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the business posted $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.