Pathstone Holdings LLC Sells 5,266 Shares of Adobe Inc. (NASDAQ:ADBE)

Pathstone Holdings LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 7.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,126 shares of the software company’s stock after selling 5,266 shares during the period. Pathstone Holdings LLC’s holdings in Adobe were worth $28,955,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Decker Retirement Planning Inc. bought a new position in Adobe during the fourth quarter worth about $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter worth $31,000. Caitlin John LLC boosted its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares in the last quarter. Mascoma Wealth Management LLC boosted its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares in the last quarter. Finally, LFA Lugano Financial Advisors SA bought a new position in shares of Adobe during the 4th quarter valued at about $38,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.5%

ADBE stock opened at $399.47 on Thursday. 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 has a market capitalization of $170.25 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 2.15 and a beta of 1.55. The business’s fifty day moving average price is $376.62 and its two-hundred day moving average price is $435.30. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the business earned $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought 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 approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. BMO Capital Markets cut their target price on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Finally, DA Davidson cut their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $502.88.

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.