Johnson Financial Group Inc. Sells 405 Shares of Adobe Inc. (NASDAQ:ADBE)

Johnson Financial Group Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,160 shares of the software company’s stock after selling 405 shares during the quarter. Johnson Financial Group Inc.’s holdings in Adobe were worth $1,885,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Founders Financial Alliance LLC boosted its stake in Adobe by 2.0% during the 4th quarter. Founders Financial Alliance LLC now owns 1,604 shares of the software company’s stock valued at $957,000 after purchasing an additional 32 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in Adobe by 2.7% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 257,035 shares of the software company’s stock valued at $153,347,000 after purchasing an additional 6,681 shares during the period. Sepio Capital LP raised its holdings in Adobe by 14.2% in the 4th quarter. Sepio Capital LP now owns 2,181 shares of the software company’s stock valued at $1,301,000 after acquiring an additional 271 shares in the last quarter. Skopos Labs Inc. acquired a new position in Adobe in the 4th quarter valued at approximately $1,915,000. Finally, Eagle Global Advisors LLC raised its holdings in Adobe by 12.9% in the 4th quarter. Eagle Global Advisors LLC now owns 1,530 shares of the software company’s stock valued at $913,000 after acquiring an additional 175 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on ADBE shares. Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Wells Fargo & Company cut their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Stifel Nicolaus dropped their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.6 %

ADBE traded down $7.88 during mid-day trading on Friday, reaching $475.43. The stock had a trading volume of 3,083,719 shares, compared to its average volume of 3,319,054. The stock has a market capitalization of $212.99 billion, a P/E ratio of 45.45, a P/E/G ratio of 2.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s fifty day simple moving average is $486.80 and its two-hundred day simple moving average is $555.69. Adobe Inc. has a 52 week low of $374.09 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $2.97 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.