UNIVEST FINANCIAL Corp Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

UNIVEST FINANCIAL Corp decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 15.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,886 shares of the software company’s stock after selling 1,397 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in Adobe were worth $3,507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. True Wealth Design LLC raised its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Decker Retirement Planning Inc. acquired a new stake in Adobe during the 4th quarter worth about $31,000. Finally, Caitlin John LLC grew its stake in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ADBE shares. Morgan Stanley decreased their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued 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 an average price target of $538.80.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 922 shares of the company’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 completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. Insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $403.64 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The stock has a market capitalization of $175.75 billion, a PE ratio of 32.55, a P/E/G ratio of 2.15 and a beta of 1.37. The business has a fifty day moving average price of $433.70 and a two-hundred day moving average price of $472.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 firm earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.