Congress Park Capital LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Congress Park Capital LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 19.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,212 shares of the software company’s stock after selling 1,043 shares during the period. Congress Park Capital LLC’s holdings in Adobe were worth $1,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in ADBE. Sienna Gestion boosted its holdings in shares of Adobe by 0.9% in the second quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock valued at $11,902,000 after acquiring an additional 185 shares during the period. Middleton & Co. Inc. MA raised its position in Adobe by 10.6% in the 2nd quarter. Middleton & Co. Inc. MA now owns 20,623 shares of the software company’s stock valued at $11,457,000 after purchasing an additional 1,970 shares during the last quarter. Resolute Capital Asset Partners LLC purchased a new stake in shares of Adobe in the second quarter valued at about $3,055,000. Intech Investment Management LLC lifted its position in Adobe by 20.1% during the 2nd quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock worth $23,232,000 after acquiring an additional 6,985 shares during the period. Finally, Brighton Jones LLC lifted its holdings in shares of Adobe by 1.8% during the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock worth $4,514,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on ADBE. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Citigroup cut their price target 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. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $426.93 on Friday. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The company has a 50 day moving average price of $479.32 and a 200 day moving average price of $514.33. The firm has a market capitalization of $185.84 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.