Sandy Spring Bank cut its position in Adobe Inc (NASDAQ:ADBE) by 1.8% during the fourth quarter, HoldingsChannel reports. The firm owned 14,356 shares of the software company’s stock after selling 269 shares during the quarter. Sandy Spring Bank’s holdings in Adobe were worth $4,735,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $26,000. JJJ Advisors Inc. purchased a new position in shares of Adobe in the 3rd quarter valued at $28,000. Clear Harbor Asset Management LLC purchased a new position in shares of Adobe in the 4th quarter valued at $33,000. ICW Investment Advisors LLC purchased a new position in shares of Adobe in the 4th quarter valued at $33,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in shares of Adobe in the 4th quarter valued at $34,000. 85.46% of the stock is currently owned by institutional investors.

In other news, EVP Donna Morris sold 25,481 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $348.16, for a total value of $8,871,464.96. Following the completion of the sale, the executive vice president now owns 89,690 shares in the company, valued at approximately $31,226,470.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $300.54, for a total transaction of $901,620.00. Following the completion of the sale, the chief marketing officer now owns 45,528 shares of the company’s stock, valued at approximately $13,682,985.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,793 shares of company stock valued at $21,169,089. 0.32% of the stock is owned by company insiders.

A number of research analysts recently commented on the stock. UBS Group reaffirmed a “buy” rating and issued a $360.00 target price on shares of Adobe in a research report on Friday, December 13th. Cowen reaffirmed a “buy” rating and issued a $305.00 target price (up from $295.00) on shares of Adobe in a research report on Wednesday, December 11th. ValuEngine downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research report on Monday, November 4th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, February 4th. Finally, Wedbush increased their target price on shares of Adobe from $290.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty have given a buy rating to the company’s stock. Adobe has an average rating of “Buy” and an average target price of $336.28.

NASDAQ:ADBE traded up $4.83 during trading hours on Friday, reaching $379.67. 1,676,191 shares of the company’s stock were exchanged, compared to its average volume of 2,183,050. The firm has a market capitalization of $178.39 billion, a price-to-earnings ratio of 63.28, a P/E/G ratio of 2.84 and a beta of 1.09. The company has a 50-day moving average of $347.05 and a 200 day moving average of $304.07. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.09. Adobe Inc has a 1-year low of $249.10 and a 1-year high of $377.71.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.26 by $0.03. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Adobe had a net margin of 26.42% and a return on equity of 31.47%. Adobe’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.83 EPS. Research analysts forecast that Adobe Inc will post 8.02 EPS for the current fiscal year.

About Adobe

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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