Ancora Advisors LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Ancora Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 35.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,442 shares of the software company's stock after selling 3,545 shares during the quarter. Ancora Advisors LLC's holdings in Adobe were worth $2,865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Decker Retirement Planning Inc. bought a new position in Adobe in the 4th quarter valued at $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Caitlin John LLC raised its stake in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the last quarter. Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after buying an additional 50 shares during the period. Finally, LFA Lugano Financial Advisors SA bought a new position in Adobe in the fourth quarter valued at approximately $38,000. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. Citigroup cut their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company lowered their price objective on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Price Performance

NASDAQ ADBE traded up $1.99 on Wednesday, hitting $384.97. 2,152,569 shares of the company's stock were exchanged, compared to its average volume of 3,434,227. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a 50-day moving average of $383.13 and a 200-day moving average of $439.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $164.07 billion, a price-to-earnings ratio of 31.05, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is currently owned by corporate insiders.

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.