Glen Eagle Advisors LLC Sells 342 Shares of Adobe Inc. (NASDAQ:ADBE)

Glen Eagle Advisors LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,318 shares of the software company’s stock after selling 342 shares during the quarter. Glen Eagle Advisors LLC’s holdings in Adobe were worth $2,365,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ADBE. Summit Securities Group LLC bought a new stake in Adobe in the 4th quarter worth approximately $31,000. Caitlin John LLC increased its stake in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Mascoma Wealth Management LLC increased its stake in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares during the period. LFA Lugano Financial Advisors SA purchased a new position in shares of Adobe during the fourth quarter valued at approximately $38,000. Finally, Avion Wealth increased its stake in shares of Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after buying an additional 46 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $417.61 on Wednesday. The firm’s 50 day moving average price is $376.12 and its 200-day moving average price is $433.08. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $177.99 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company 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. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Citigroup reduced their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, Robert W. Baird reduced their target price 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. Eleven research 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 currently has a consensus rating of “Moderate Buy” and an average price target 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.