Adobe Inc. (NASDAQ:ADBE) Position Decreased by Trillium Asset Management LLC

Trillium Asset Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 115,917 shares of the software company’s stock after selling 6,533 shares during the period. Adobe comprises approximately 1.3% of Trillium Asset Management LLC’s investment portfolio, making the stock its 10th biggest holding. Trillium Asset Management LLC’s holdings in Adobe were worth $51,545,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Proficio Capital Partners LLC lifted its position 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 valued at $463,701,000 after purchasing an additional 1,041,513 shares during the period. FMR LLC raised its position in shares of 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 acquiring an additional 787,356 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Adobe in the fourth quarter worth about $243,827,000. Assenagon Asset Management S.A. raised its position in shares of 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 acquiring an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe in the fourth quarter worth about $110,744,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock opened at $391.37 on Wednesday. The firm has a 50 day simple moving average of $435.77 and a 200-day simple moving average of $479.02. Adobe Inc. has a 1-year low of $374.50 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 stock has a market cap of $170.40 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. KeyCorp decreased their price objective on shares of Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a research report on Thursday, March 13th. Citigroup decreased their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Sanford C. Bernstein decreased their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Finally, TD Cowen downgraded 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 research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $542.00.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were 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 of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the 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 transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Company insiders own 0.16% 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.