Sander Capital Advisors Inc. Sells 2,757 Shares of Adobe Inc. (NASDAQ:ADBE)

Sander Capital Advisors Inc. cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,904 shares of the software company's stock after selling 2,757 shares during the period. Adobe comprises 2.4% of Sander Capital Advisors Inc.'s portfolio, making the stock its 6th biggest position. Sander Capital Advisors Inc.'s holdings in Adobe were worth $5,293,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Nordea Investment Management AB raised its position in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock worth $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock valued at $3,344,000 after buying an additional 1,412 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock valued at $60,779,000 after buying an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc boosted its holdings in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock valued at $4,411,000 after buying an additional 2,113 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. StockNews.com upgraded Adobe from a "buy" rating to a "strong-buy" rating in a report on Wednesday, December 18th. Citigroup dropped their target price on Adobe from $616.00 to $590.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. Royal Bank of Canada decreased their price target on Adobe from $610.00 to $590.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Finally, Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $580.65.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,293 shares of company stock valued at $1,679,809. Insiders own 0.15% of the company's stock.

Adobe Price Performance

Shares of ADBE stock traded down $8.55 during trading hours on Tuesday, hitting $422.63. 4,169,200 shares of the company's stock were exchanged, compared to its average volume of 4,070,861. Adobe Inc. has a fifty-two week low of $420.51 and a fifty-two week high of $638.25. The firm has a market cap of $186.04 billion, a P/E ratio of 34.08, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $488.06 and a two-hundred day moving average of $519.35.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted $3.52 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

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.