Financial Management Professionals Inc. Sells 29 Shares of Adobe Inc. (NASDAQ:ADBE)

Financial Management Professionals Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 109 shares of the software company’s stock after selling 29 shares during the period. Financial Management Professionals Inc.’s holdings in Adobe were worth $48,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Commonwealth Financial Services LLC raised its position in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its holdings in shares of Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. lifted its position in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank boosted its holdings in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Finally, Sfmg LLC grew its position in Adobe by 3.1% in the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after purchasing an additional 21 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of ADBE stock opened at $429.99 on Monday. The stock’s 50-day moving average is $476.55 and its 200 day moving average is $512.44. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11. The company has a market cap of $189.28 billion, a P/E ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31.

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

Wall Street Analyst Weigh In

Several analysts recently commented on ADBE shares. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. BMO Capital Markets reduced their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.