Blueshift Asset Management LLC Has $567,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Blueshift Asset Management LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 44.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,274 shares of the software company’s stock after selling 1,013 shares during the period. Blueshift Asset Management LLC’s holdings in Adobe were worth $567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Swedbank AB raised its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank raised its holdings in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Meeder Asset Management Inc. grew its position in Adobe by 31.3% in the third quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock valued at $133,000 after purchasing an additional 61 shares in the last quarter. Avior Wealth Management LLC grew its position in Adobe by 29.1% in the third quarter. Avior Wealth Management LLC now owns 789 shares of the software company’s stock valued at $409,000 after purchasing an additional 178 shares in the last quarter. Finally, Moors & Cabot Inc. grew its position in Adobe by 2.8% in the third quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock valued at $1,838,000 after purchasing an additional 98 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Mizuho decreased their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group set a $495.00 target price on shares of Adobe in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $538.80.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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 $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Adobe Price Performance

Shares of Adobe stock opened at $389.61 on Friday. Adobe Inc. has a twelve month low of $374.50 and a twelve 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. The company has a 50-day simple moving average of $434.53 and a two-hundred day simple moving average of $477.76. The stock has a market capitalization of $169.64 billion, a price-to-earnings ratio of 31.42, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its earnings results 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 period in the previous year, the company earned $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.