Lifestyle Asset Management Inc. Sells 29 Shares of Adobe Inc. (NASDAQ:ADBE)

Lifestyle Asset Management Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 525 shares of the software company’s stock after selling 29 shares during the period. Lifestyle Asset Management Inc.’s holdings in Adobe were worth $233,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ADBE. Point72 Asset Management L.P. raised its stake in Adobe by 179.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 125,012 shares of the software company’s stock valued at $69,449,000 after purchasing an additional 80,268 shares during the last quarter. APG Asset Management N.V. raised its position in shares of Adobe by 5.3% during the second quarter. APG Asset Management N.V. now owns 359,797 shares of the software company’s stock valued at $186,500,000 after buying an additional 18,219 shares during the last quarter. Duquesne Family Office LLC bought a new stake in shares of Adobe in the second quarter valued at about $20,380,000. Drucker Wealth 3.0 LLC acquired a new stake in Adobe during the second quarter worth about $1,101,000. Finally, Decatur Capital Management Inc. increased its stake in Adobe by 2.5% during the second quarter. Decatur Capital Management Inc. now owns 5,575 shares of the software company’s stock valued at $3,097,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BMO Capital Markets reduced their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group lowered their price target 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. DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, UBS Group lowered their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

Shares of Adobe stock opened at $437.28 on Friday. The firm has a 50 day simple moving average of $471.36 and a 200 day simple moving average of $509.54. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $190.35 billion, a P/E ratio of 35.26, a P/E/G ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping 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 return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.52 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was 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 approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

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.