Point72 Asset Management L.P. reduced its stake in Adobe Inc (NASDAQ:ADBE) by 87.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 66,824 shares of the software company’s stock after selling 477,505 shares during the period. Point72 Asset Management L.P.’s holdings in Adobe were worth $22,039,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADBE. Captrust Financial Advisors grew its holdings in shares of Adobe by 3,488.2% during the fourth quarter. Captrust Financial Advisors now owns 128,458 shares of the software company’s stock valued at $42,960,000 after buying an additional 124,878 shares during the last quarter. Bluefin Trading LLC acquired a new position in shares of Adobe during the fourth quarter valued at about $4,223,000. Cubist Systematic Strategies LLC grew its holdings in shares of Adobe by 168.5% during the fourth quarter. Cubist Systematic Strategies LLC now owns 80,470 shares of the software company’s stock valued at $26,540,000 after buying an additional 50,505 shares during the last quarter. Gabelli Funds LLC grew its holdings in shares of Adobe by 23.9% during the fourth quarter. Gabelli Funds LLC now owns 77,200 shares of the software company’s stock valued at $25,461,000 after buying an additional 14,900 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Adobe during the fourth quarter valued at about $612,000. 85.18% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ ADBE traded down $4.09 during midday trading on Wednesday, hitting $305.91. The company’s stock had a trading volume of 4,828,660 shares, compared to its average volume of 3,579,396. The stock has a fifty day moving average price of $345.53 and a 200 day moving average price of $314.28. Adobe Inc has a one year low of $255.13 and a one year high of $386.74. The company has a current ratio of 1.23, a quick ratio of 0.79 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $148.49 billion, a price-to-earnings ratio of 46.35, a P/E/G ratio of 2.36 and a beta of 0.99.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.04. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the previous year, the firm posted $1.71 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc will post 8.02 earnings per share for the current fiscal year.

Several research analysts recently weighed in on the stock. Piper Jaffray Companies boosted their price target on shares of Adobe from $339.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Cowen boosted their price target on shares of Adobe from $315.00 to $325.00 and gave the stock a “market perform” rating in a report on Friday, March 13th. Stifel Nicolaus cut their price target on shares of Adobe from $350.00 to $325.00 and set a “buy” rating on the stock in a report on Friday, March 13th. UBS Group cut their price target on shares of Adobe from $430.00 to $344.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Finally, Credit Suisse Group cut their price target on shares of Adobe from $385.00 to $370.00 and set an “outperform” rating on the stock in a report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $337.64.

In related news, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $301.40, for a total transaction of $180,840.00. Following the sale, the executive vice president now owns 13,655 shares of the company’s stock, valued at approximately $4,115,617. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $333.70, for a total transaction of $4,004,400.00. The disclosure for this sale can be found here. In the last three months, insiders sold 56,445 shares of company stock worth $19,174,961. Insiders own 0.31% of the company’s stock.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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