Cozad Asset Management Inc. Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cozad Asset Management Inc. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 710 shares of the software company’s stock after selling 111 shares during the period. Cozad Asset Management Inc.’s holdings in Adobe were worth $316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Cibc World Markets Corp increased its stake in shares of Adobe by 13.4% in the fourth quarter. Cibc World Markets Corp now owns 79,220 shares of the software company’s stock worth $35,228,000 after purchasing an additional 9,350 shares in the last quarter. SouthState Corp increased its stake in shares of Adobe by 11.6% in the fourth quarter. SouthState Corp now owns 46,444 shares of the software company’s stock worth $20,653,000 after purchasing an additional 4,827 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in shares of Adobe in the fourth quarter worth about $98,000. Signature Wealth Management Group increased its stake in shares of Adobe by 8.5% in the fourth quarter. Signature Wealth Management Group now owns 2,212 shares of the software company’s stock worth $984,000 after purchasing an additional 174 shares in the last quarter. Finally, SlateStone Wealth LLC boosted its position in shares of Adobe by 9.0% in the fourth quarter. SlateStone Wealth LLC now owns 7,248 shares of the software company’s stock valued at $3,223,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.0 %

Shares of NASDAQ ADBE opened at $391.37 on Wednesday. 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 Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The firm’s fifty day moving average is $435.77 and its 200 day moving average is $479.02. The company has a market cap of $170.40 billion, a price-to-earnings ratio of 31.56, a PEG 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, topping 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 company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADBE. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company cut their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Mizuho cut their price objective 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. Finally, Sanford C. Bernstein cut 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. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $542.00.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $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. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. 0.16% of the stock is owned by company insiders.

Adobe Company 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.