Ithaka Group LLC Sells 1,740 Shares of Adobe Inc. (NASDAQ:ADBE)

Ithaka Group LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,856 shares of the software company’s stock after selling 1,740 shares during the quarter. Adobe accounts for approximately 2.4% of Ithaka Group LLC’s investment portfolio, making the stock its 14th biggest holding. Ithaka Group LLC’s holdings in Adobe were worth $12,832,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter worth about $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the 3rd quarter worth about $36,000. Finally, Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the 4th quarter worth about $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.1 %

ADBE opened at $438.60 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The firm has a market capitalization of $190.97 billion, a P/E ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37. The company’s 50-day moving average is $439.01 and its 200 day moving average is $484.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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 return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the business posted $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several research reports. Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, DA Davidson reduced their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $563.96.

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.