Palisade Capital Management LLC NJ Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Palisade Capital Management LLC NJ cut its holdings in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,760 shares of the software company’s stock after selling 185 shares during the quarter. Palisade Capital Management LLC NJ’s holdings in Adobe were worth $6,269,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new position in Adobe during the fourth quarter worth about $35,000. Delos Wealth Advisors LLC lifted its position in Adobe by 169.6% during the fourth quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after buying an additional 39 shares during the period. Core Alternative Capital lifted its position in Adobe by 67.5% during the fourth quarter. Core Alternative Capital now owns 67 shares of the software company’s stock worth $38,000 after buying an additional 27 shares during the period. Sierra Capital LLC lifted its position in Adobe by 106.1% during the fourth quarter. Sierra Capital LLC now owns 68 shares of the software company’s stock worth $39,000 after buying an additional 35 shares during the period. Finally, Rather & Kittrell Inc. purchased a new position in Adobe during the fourth quarter worth about $47,000. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADBE shares. Morgan Stanley downgraded Adobe from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $591.00 to $362.00 in a report on Tuesday, June 21st. Bank of America cut their price objective on Adobe from $560.00 to $450.00 and set a “buy” rating on the stock in a report on Friday, June 17th. Wolfe Research cut their price objective on Adobe from $500.00 to $400.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, July 19th. Finally, BMO Capital Markets started coverage on Adobe in a report on Friday, June 17th. They issued a “buy” rating and a $420.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $489.31.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $433.43 on Friday. Adobe Inc. has a fifty-two week low of $338.00 and a fifty-two week high of $699.54. The business has a 50 day moving average price of $392.99 and a two-hundred day moving average price of $427.73. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The firm has a market cap of $202.85 billion, a PE ratio of 42.33, a price-to-earnings-growth ratio of 2.37 and a beta of 1.12.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, beating analysts’ consensus estimates of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The firm had revenue of $4.39 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the firm earned $2.56 EPS. Sell-side analysts expect that Adobe Inc. will post 10.99 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is currently owned by corporate insiders.

Adobe Profile

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Adobe Inc 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

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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