RDA Financial Network Sells 2,046 Shares of Adobe Inc. (NASDAQ:ADBE)

RDA Financial Network decreased its position in Adobe Inc. (NASDAQ:ADBE) by 22.6% during the 4th quarter, Holdings Channel reports. The firm owned 7,023 shares of the software company’s stock after selling 2,046 shares during the period. Adobe comprises about 0.9% of RDA Financial Network’s holdings, making the stock its 24th biggest holding. RDA Financial Network’s holdings in Adobe were worth $3,123,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ADBE. State Street Corp grew its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the last quarter. Geode Capital Management LLC increased its holdings in Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC increased its holdings in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC raised its position in Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after buying an additional 140,390 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE opened at $426.93 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The company has a market capitalization of $187.93 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 1.97 and a beta of 1.31. The stock has a 50-day moving average of $479.32 and a 200 day moving average of $514.33. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

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

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 in the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on ADBE shares. Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company dropped their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada cut their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” 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 given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.