Amalgamated Bank Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Amalgamated Bank trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,145 shares of the software company’s stock after selling 4,896 shares during the quarter. Amalgamated Bank’s holdings in Adobe were worth $40,975,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Swedbank AB boosted its holdings in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. Arkadios Wealth Advisors boosted its stake in shares of Adobe by 10.7% in the 3rd quarter. Arkadios Wealth Advisors now owns 2,619 shares of the software company’s stock valued at $1,356,000 after buying an additional 254 shares during the period. J.W. Cole Advisors Inc. boosted its stake in shares of Adobe by 14.9% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 5,184 shares of the software company’s stock valued at $2,684,000 after buying an additional 672 shares during the period. First Financial Bankshares Inc boosted its stake in shares of Adobe by 2.8% in the 3rd quarter. First Financial Bankshares Inc now owns 7,697 shares of the software company’s stock valued at $3,985,000 after buying an additional 213 shares during the period. Finally, KP Management LLC boosted its stake in shares of Adobe by 46.2% in the 3rd quarter. KP Management LLC now owns 4,750 shares of the software company’s stock valued at $2,459,000 after buying an additional 1,500 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. DA Davidson decreased their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. 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 note on Wednesday, January 8th. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, BMO Capital Markets lowered their price target on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Performance

NASDAQ:ADBE opened at $444.42 on Tuesday. The firm’s fifty day moving average price is $440.12 and its 200 day moving average price is $493.28. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. 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 $193.46 billion, a price-to-earnings ratio of 35.84, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

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

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

About Adobe

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.