Cornercap Investment Counsel Inc. Has $558,000 Position in Adobe Inc. (NASDAQ:ADBE)

Cornercap Investment Counsel Inc. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,255 shares of the software company’s stock after selling 61 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Adobe were worth $558,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADBE. United Bank increased its position in Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Circle Wealth Management LLC lifted its position in Adobe by 110.0% during the third quarter. Circle Wealth Management LLC now owns 4,346 shares of the software company’s stock worth $2,250,000 after purchasing an additional 2,276 shares during the period. JAT Capital Mgmt LP acquired a new stake in Adobe during the third quarter worth about $2,178,000. Ironwood Investment Counsel LLC raised its position in shares of Adobe by 0.8% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 12,401 shares of the software company’s stock valued at $6,421,000 after buying an additional 100 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Adobe during the 3rd quarter worth approximately $719,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on ADBE. Stifel Nicolaus lowered their price target on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Mizuho cut their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, BMO Capital Markets cut their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was 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 in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Performance

NASDAQ ADBE opened at $385.71 on Friday. The company’s 50 day simple moving average is $431.81 and its two-hundred day simple moving average is $469.69. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The stock has a market capitalization of $164.39 billion, a PE ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company earned $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.