Formidable Asset Management LLC Sells 755 Shares of Adobe Inc. (NASDAQ:ADBE)

Formidable Asset Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,266 shares of the software company's stock after selling 755 shares during the quarter. Formidable Asset Management LLC's holdings in Adobe were worth $3,231,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sepio Capital LP grew its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank boosted its position in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC boosted its position in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC boosted its position in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the period. Finally, Foster Group Inc. boosted its holdings in Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after buying an additional 23 shares during the period. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.1%

NASDAQ ADBE traded down $0.35 during trading on Thursday, hitting $411.88. The stock had a trading volume of 728,947 shares, compared to its average volume of 3,435,028. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $175.54 billion, a price-to-earnings ratio of 33.28, a P/E/G ratio of 2.15 and a beta of 1.55. The stock has a 50 day simple moving average of $378.50 and a 200 day simple moving average of $430.10.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Robert W. Baird dropped their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Evercore ISI dropped their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. 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. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by company 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.