Adobe Inc. (NASDAQ:ADBE) Shares Sold by Chesapeake Wealth Management

Chesapeake Wealth Management reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,231 shares of the software company’s stock after selling 50 shares during the period. Chesapeake Wealth Management’s holdings in Adobe were worth $992,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Westwood Holdings Group Inc. lifted its holdings in shares of Adobe by 26.5% during the 2nd quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after acquiring an additional 1,948 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Adobe by 333.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after acquiring an additional 5,465 shares during the period. Commonwealth Financial Services LLC lifted its holdings in shares of Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. HighVista Strategies LLC purchased a new position in shares of Adobe during the 2nd quarter worth about $1,722,000. Finally, Harmony Asset Management LLC lifted its holdings in shares of Adobe by 1.6% during the 2nd quarter. Harmony Asset Management LLC now owns 6,548 shares of the software company’s stock worth $3,638,000 after acquiring an additional 100 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock opened at $429.99 on Tuesday. The company has a market cap of $189.28 billion, a PE ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. The company has a fifty day moving average price of $476.55 and a two-hundred day moving average price of $512.03. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.52 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Monday. UBS Group cut their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 over the last 90 days. 0.15% of the stock is owned by company insiders.

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.