Adobe Inc. (NASDAQ:ADBE) Shares Sold by Morse Asset Management Inc

Morse Asset Management Inc trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 20.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 6,761 shares of the software company’s stock after selling 1,733 shares during the quarter. Morse Asset Management Inc’s holdings in Adobe were worth $3,006,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Czech National Bank increased its holdings in shares of Adobe by 5.7% in the fourth quarter. Czech National Bank now owns 95,445 shares of the software company’s stock valued at $42,442,000 after buying an additional 5,120 shares in the last quarter. Eastover Investment Advisors LLC increased its holdings in shares of Adobe by 1.7% in the fourth quarter. Eastover Investment Advisors LLC now owns 3,548 shares of the software company’s stock valued at $1,578,000 after buying an additional 60 shares in the last quarter. Fiduciary Alliance LLC increased its holdings in shares of Adobe by 240.3% in the fourth quarter. Fiduciary Alliance LLC now owns 1,984 shares of the software company’s stock valued at $882,000 after buying an additional 1,401 shares in the last quarter. Trust Co. of Toledo NA OH increased its holdings in shares of Adobe by 3.3% in the fourth quarter. Trust Co. of Toledo NA OH now owns 3,350 shares of the software company’s stock valued at $1,490,000 after buying an additional 106 shares in the last quarter. Finally, Kieckhefer Group LLC bought a new position in shares of Adobe in the fourth quarter valued at $44,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 3.3%

Adobe stock opened at $395.94 on Tuesday. 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 company has a market capitalization of $168.75 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company’s fifty day moving average price is $378.57 and its two-hundred day moving average price is $435.81.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the business posted $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on ADBE shares. Wells Fargo & Company dropped their price target on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Bank of America reduced their target price on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research 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 given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

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.