Congress Asset Management Co. Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Congress Asset Management Co. lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 45.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,992 shares of the software company's stock after selling 13,564 shares during the quarter. Congress Asset Management Co.'s holdings in Adobe were worth $6,133,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADBE. Siemens Fonds Invest GmbH grew its stake in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in Adobe during the fourth quarter valued at approximately $28,000. Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe in the fourth quarter worth $36,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $0.84 during trading on Thursday, reaching $413.68. The company had a trading volume of 6,169,376 shares, compared to its average volume of 3,419,361. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week 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's fifty day moving average price is $384.27 and its 200 day moving average price is $423.37. The firm has a market capitalization of $176.31 billion, a price-to-earnings ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $4.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.96 by ($0.86). Adobe had a net margin of 25.85% and a return on equity of 45.87%. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Robert W. Baird decreased their price objective on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. UBS Group increased their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday. Stifel Nicolaus cut their target price on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Finally, Citigroup lifted their price target on Adobe from $430.00 to $465.00 and gave the company a "neutral" rating in a research note on Tuesday. Nine 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 company's stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $503.33.

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.