Hartford Investment Management Co. lowered its holdings in Adobe Inc (NASDAQ:ADBE) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,537 shares of the software company’s stock after selling 791 shares during the period. Hartford Investment Management Co.’s holdings in Adobe were worth $15,280,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Winslow Evans & Crocker Inc. boosted its holdings in shares of Adobe by 4.2% during the third quarter. Winslow Evans & Crocker Inc. now owns 5,326 shares of the software company’s stock worth $1,440,000 after purchasing an additional 216 shares during the period. MainStreet Investment Advisors LLC boosted its holdings in shares of Adobe by 1.1% during the third quarter. MainStreet Investment Advisors LLC now owns 21,498 shares of the software company’s stock worth $5,803,000 after purchasing an additional 228 shares during the period. Gardiner Nancy B acquired a new stake in shares of Adobe during the third quarter worth approximately $956,000. Patriot Wealth Management Inc. acquired a new stake in shares of Adobe during the third quarter worth approximately $9,034,000. Finally, Hemenway Trust Co LLC acquired a new stake in shares of Adobe during the third quarter worth approximately $207,000. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Shares of ADBE opened at $257.00 on Monday. The company has a market cap of $125.35 billion, a PE ratio of 46.31, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15. Adobe Inc has a twelve month low of $179.34 and a twelve month high of $277.61. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 1.13.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.88 by ($0.05). Adobe had a net margin of 28.69% and a return on equity of 31.19%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the business earned $1.26 EPS. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc will post 6.21 EPS for the current fiscal year.

Several analysts recently commented on ADBE shares. Barclays raised their price target on shares of Adobe from $297.00 to $304.00 and gave the stock an “overweight” rating in a report on Tuesday, October 16th. Wedbush began coverage on shares of Adobe in a research note on Thursday, October 18th. They issued a “neutral” rating and a $270.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $280.00 target price on shares of Adobe in a research note on Sunday, October 21st. Nomura started coverage on shares of Adobe in a research note on Thursday, November 15th. They issued a “buy” rating and a $315.00 price objective for the company. Finally, ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Tuesday, November 20th. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and an average price target of $284.62.

In other Adobe news, EVP Ann Lewnes sold 2,692 shares of the firm’s stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $226.05, for a total transaction of $608,526.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles M. Geschke sold 21,258 shares of the stock in a transaction on Tuesday, January 8th. The stock was sold at an average price of $232.71, for a total value of $4,946,949.18. The disclosure for this sale can be found here. Insiders have sold a total of 282,299 shares of company stock valued at $68,899,256 in the last ninety days. Insiders own 0.33% of the company’s stock.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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