Cresset Asset Management LLC Sells 28,123 Shares of Adobe Inc. (NASDAQ:ADBE)

Cresset Asset Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 47.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,682 shares of the software company's stock after selling 28,123 shares during the period. Cresset Asset Management LLC's holdings in Adobe were worth $14,088,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC increased its holdings in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Adobe by 225.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after buying an additional 745,827 shares in the last quarter. Finally, FIL Ltd grew its position in shares of Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock worth $573,014,000 after buying an additional 730,520 shares during the period. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADBE shares. Citigroup reduced their price objective on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. UBS Group dropped their target price on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. 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. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.16% of the stock is owned by insiders.

Adobe Price Performance

NASDAQ:ADBE traded down $0.71 during mid-day trading on Friday, reaching $383.28. 2,030,646 shares of the company were exchanged, compared to its average volume of 3,440,824. The company has a fifty day moving average of $379.67 and a 200 day moving average of $436.75. The stock has a market cap of $163.35 billion, a PE ratio of 30.91, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS 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 during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal 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.