Kovitz Investment Group Partners LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Kovitz Investment Group Partners LLC cut its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 94.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 599 shares of the software company’s stock after selling 10,866 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Adobe were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Maverick Capital Ltd. increased its position in shares of Adobe by 1.6% in the 3rd quarter. Maverick Capital Ltd. now owns 161,469 shares of the software company’s stock valued at $92,961,000 after purchasing an additional 2,539 shares during the last quarter. Welch & Forbes LLC grew its position in shares of Adobe by 4.1% in the 4th quarter. Welch & Forbes LLC now owns 82,260 shares of the software company’s stock valued at $46,646,000 after buying an additional 3,210 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Adobe by 3.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,191,600 shares of the software company’s stock valued at $686,056,000 after buying an additional 35,882 shares during the last quarter. Vestor Capital LLC grew its position in shares of Adobe by 0.7% in the 3rd quarter. Vestor Capital LLC now owns 31,739 shares of the software company’s stock valued at $18,272,000 after buying an additional 222 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of Adobe by 3.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 169,339 shares of the software company’s stock valued at $97,492,000 after buying an additional 5,282 shares during the last quarter. 82.70% of the stock is currently owned by institutional investors.

ADBE has been the topic of a number of recent analyst reports. Citigroup dropped their target price on shares of Adobe from $611.00 to $455.00 and set a “neutral” rating on the stock in a research report on Friday, March 18th. TheStreet cut shares of Adobe from a “b” rating to a “c+” rating in a research note on Thursday, February 17th. The Goldman Sachs Group decreased their price target on shares of Adobe from $710.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, March 24th. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $545.00 and set an “overweight” rating for the company in a research note on Wednesday, March 23rd. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $700.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, March 16th. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $590.24.

In other Adobe news, Director John E. Warnock sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 19th. The shares were sold at an average price of $518.73, for a total transaction of $2,074,920.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 463 shares of the firm’s stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $425.79, for a total transaction of $197,140.77. The disclosure for this sale can be found here. Insiders have sold a total of 23,132 shares of company stock valued at $11,501,975 over the last 90 days. 0.23% of the stock is currently owned by insiders.

Shares of ADBE traded up $9.69 during trading hours on Tuesday, reaching $435.16. The company had a trading volume of 30,428 shares, compared to its average volume of 3,884,379. The firm has a 50 day simple moving average of $450.14 and a 200-day simple moving average of $543.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $205.61 billion, a price-to-earnings ratio of 42.46, a PEG ratio of 2.18 and a beta of 1.05. Adobe Inc. has a 12-month low of $407.94 and a 12-month high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings results on Tuesday, March 22nd. The software company reported $3.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.34 by $0.03. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.24 billion. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The business’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.64 EPS. Sell-side analysts forecast that Adobe Inc. will post 11.09 earnings per share for the current year.

About Adobe (Get Rating)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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