Clark Capital Management Group Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 87.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,257 shares of the software company's stock after selling 50,406 shares during the quarter. Clark Capital Management Group Inc.'s holdings in Adobe were worth $3,227,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Decker Retirement Planning Inc. purchased a new stake in Adobe in the 4th quarter valued at approximately $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $31,000. Caitlin John LLC boosted 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 valued at $34,000 after acquiring an additional 48 shares during the last quarter. Mascoma Wealth Management LLC increased its position in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares in the last quarter. Finally, LFA Lugano Financial Advisors SA acquired a new position in Adobe in the 4th quarter valued at about $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Adobe Stock Up 0.4%
NASDAQ ADBE traded up $1.46 on Tuesday, reaching $397.40. The company had a trading volume of 2,663,069 shares, compared to its average volume of 3,440,514. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a 50-day moving average of $378.57 and a 200-day moving average of $435.81. The firm has a market capitalization of $169.37 billion, a PE ratio of 32.05, a P/E/G ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating 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 business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the stock. BMO Capital Markets lowered their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Jefferies Financial Group cut their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Eleven research 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 company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.
Check Out Our Latest Report on Adobe
Insider Buying and Selling at Adobe
In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.
Adobe Company Profile
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Free Report)
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.
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