Focus Partners Advisor Solutions LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Focus Partners Advisor Solutions LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 58.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,844 shares of the software company’s stock after selling 8,289 shares during the quarter. Focus Partners Advisor Solutions LLC’s holdings in Adobe were worth $2,599,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Geode Capital Management LLC lifted its holdings in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank acquired a new position in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp boosted its position in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC grew its stake in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Adobe Price Performance

ADBE stock opened at $414.03 on Thursday. The firm has a market cap of $176.46 billion, a P/E ratio of 33.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a 50-day simple moving average of $376.51 and a 200-day simple moving average of $432.95.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during 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 quarter last year, the company earned $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ADBE shares. Citigroup reduced their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Company 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.