International Assets Investment Management LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

International Assets Investment Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 99.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,540 shares of the software company's stock after selling 1,373,850 shares during the quarter. International Assets Investment Management LLC's holdings in Adobe were worth $2,002,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Commonwealth Financial Services LLC raised its position in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company's stock valued at $309,000 after buying an additional 19 shares in the last quarter. Onyx Bridge Wealth Group LLC increased its stake in Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company's stock valued at $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. raised its position in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock valued at $1,932,000 after purchasing an additional 20 shares in the last quarter. 1ST Source Bank lifted its stake in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Finally, Sfmg LLC boosted its holdings in shares of Adobe by 3.1% in the 2nd quarter. Sfmg LLC now owns 708 shares of the software company's stock valued at $393,000 after purchasing an additional 21 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.7 %

Shares of ADBE stock traded down $3.05 during mid-day trading on Thursday, hitting $419.58. The company's stock had a trading volume of 3,506,277 shares, compared to its average volume of 3,961,700. The company has a market cap of $184.70 billion, a PE ratio of 33.84, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company's fifty day simple moving average is $485.54 and its 200-day simple moving average is $517.97. Adobe Inc. has a 52 week low of $415.51 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ADBE shares. Argus raised Adobe to a "strong-buy" rating in a report on Monday, September 16th. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets lowered their price objective on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $575.85.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is currently owned by company insiders.

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.