Adobe Inc. (NASDAQ:ADBE) Shares Sold by Gotham Asset Management LLC

Gotham Asset Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,187 shares of the software company's stock after selling 5,862 shares during the period. Gotham Asset Management LLC's holdings in Adobe were worth $6,753,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the 4th quarter valued at $31,000. Summit Securities Group LLC acquired a new position in shares of Adobe during the 4th quarter valued at $31,000. Caitlin John LLC lifted its holdings in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth lifted its holdings in shares of Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after acquiring an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its holdings in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after acquiring an additional 50 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $12.44 during midday trading on Friday, hitting $417.13. The company had a trading volume of 5,386,758 shares, compared to its average volume of 3,441,409. Adobe Inc. has a twelve month low of $332.01 and a twelve month 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 $177.78 billion, a price-to-earnings ratio of 33.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business's 50-day simple moving average is $375.68 and its 200-day simple moving average is $434.30.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping 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 return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the firm earned $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Finally, BMO Capital Markets cut their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

Adobe 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.