Adobe Inc. (NASDAQ:ADBE) Shares Sold by Oak Asset Management LLC

Oak Asset Management LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 39.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 564 shares of the software company’s stock after selling 362 shares during the period. Oak Asset Management LLC’s holdings in Adobe were worth $216,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ADBE. Siemens Fonds Invest GmbH boosted its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new position in shares of Adobe in the 4th quarter worth $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the fourth quarter valued at $31,000. Finally, Caitlin John LLC lifted its holdings in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $413.91 on Thursday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a fifty day simple moving average of $380.10 and a 200 day simple moving average of $426.39. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $176.41 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 prior year, the company earned $4.48 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Wells Fargo & Company reduced their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

Adobe 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.