Tocqueville Asset Management L.P. Sells 3,570 Shares of Adobe Inc. (NASDAQ:ADBE)

Tocqueville Asset Management L.P. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 123,189 shares of the software company’s stock after selling 3,570 shares during the period. Adobe comprises 0.9% of Tocqueville Asset Management L.P.’s holdings, making the stock its 23rd largest holding. Tocqueville Asset Management L.P.’s holdings in Adobe were worth $54,780,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ADBE. Proficio Capital Partners LLC raised its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. FMR LLC grew its holdings in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Raymond James Financial Inc. acquired a new stake in Adobe in the fourth quarter worth $243,827,000. Assenagon Asset Management S.A. grew its holdings in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd acquired a new stake in Adobe in the fourth quarter worth $110,744,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $394.74 on Monday. The company’s 50 day moving average is $437.03 and its 200-day moving average is $481.50. The firm has a market cap of $171.87 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 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 analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % 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. Corporate insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADBE. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, UBS Group reduced their price objective on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $540.60.

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.