Hennion & Walsh Asset Management Inc. Sells 396 Shares of Adobe Inc. (NASDAQ:ADBE)

Hennion & Walsh Asset Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,722 shares of the software company’s stock after selling 396 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Adobe were worth $4,496,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AEGON ASSET MANAGEMENT UK Plc lifted its holdings in shares of Adobe by 1,088.4% in the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 511 shares of the software company’s stock valued at $196,000 after purchasing an additional 468 shares in the last quarter. CGN Advisors LLC increased its position in shares of Adobe by 77.0% during the 1st quarter. CGN Advisors LLC now owns 4,750 shares of the software company’s stock worth $1,822,000 after purchasing an additional 2,067 shares during the last quarter. Crestmont Private Wealth LLC increased its position in shares of Adobe by 15.8% during the 1st quarter. Crestmont Private Wealth LLC now owns 1,146 shares of the software company’s stock worth $440,000 after purchasing an additional 156 shares during the last quarter. Smith Anglin Financial LLC increased its position in shares of Adobe by 24.6% during the 1st quarter. Smith Anglin Financial LLC now owns 810 shares of the software company’s stock worth $311,000 after purchasing an additional 160 shares during the last quarter. Finally, Selway Asset Management acquired a new position in shares of Adobe during the 1st quarter worth approximately $4,852,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Bank of America decreased their target price on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Finally, Citigroup decreased their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Price Performance

Shares of ADBE stock opened at $412.49 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $175.80 billion, a P/E ratio of 33.27, a P/E/G ratio of 2.15 and a beta of 1.55. The business has a fifty day simple moving average of $379.54 and a 200 day simple moving average of $426.47.

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

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost 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 $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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.