Adobe Inc. (NASDAQ:ADBE) Shares Sold by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,985 shares of the software company’s stock after selling 189 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Adobe were worth $1,772,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new stake in Adobe in the third quarter worth approximately $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. Decker Retirement Planning Inc. bought a new position in Adobe during the fourth quarter valued at about $31,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth about $31,000. Finally, Caitlin John LLC raised its position in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after acquiring an additional 48 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $349.07 on Friday. The firm has a market cap of $148.77 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company’s fifty day moving average is $425.66 and its 200-day moving average is $463.96. 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 12 month low of $348.80 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Jefferies Financial Group reduced their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Citigroup reduced their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Wells Fargo & Company reduced their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Finally, Morgan Stanley cut their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $531.54.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction 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 sale, the executive vice president now 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate 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.