Blueshift Asset Management LLC Has $567,000 Stake in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Blueshift Asset Management LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 44.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,274 shares of the software company’s stock after selling 1,013 shares during the period. Blueshift Asset Management LLC’s holdings in Adobe were worth $567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Swedbank AB raised its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank raised its holdings in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Meeder Asset Management Inc. grew its position in Adobe by 31.3% in the third quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock valued at $133,000 after purchasing an additional 61 shares in the last quarter. Avior Wealth Management LLC grew its position in Adobe by 29.1% in the third quarter. Avior Wealth Management LLC now owns 789 shares of the software company’s stock valued at $409,000 after purchasing an additional 178 shares in the last quarter. Finally, Moors & Cabot Inc. grew its position in Adobe by 2.8% in the third quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock valued at $1,838,000 after purchasing an additional 98 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Mizuho decreased their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group set a $495.00 target price on shares of Adobe in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $538.80.

Read Our Latest Research Report on Adobe

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were 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 owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Adobe Price Performance

Shares of Adobe stock opened at $389.61 on Friday. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a 50-day simple moving average of $434.53 and a two-hundred day simple moving average of $477.76. The stock has a market capitalization of $169.64 billion, a price-to-earnings ratio of 31.42, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the company earned $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).