Osterweis Capital Management Inc. Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Osterweis Capital Management Inc. lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 99.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 135 shares of the software company’s stock after selling 71,236 shares during the period. Osterweis Capital Management Inc.’s holdings in Adobe were worth $60,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Nordea Investment Management AB lifted its position in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after purchasing an additional 1,326 shares during the period. M. Kraus & Co acquired a new stake in Adobe in the 4th quarter valued at approximately $3,285,000. Finally, Silicon Valley Capital Partners raised its position in Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after purchasing an additional 236 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Bank of America lowered their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Robert W. Baird lowered their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Wells Fargo & Company cut their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Jefferies Financial Group lowered their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $513.27.

Adobe Stock Performance

Shares of Adobe stock opened at $344.19 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm’s 50 day moving average is $407.79 and its two-hundred day moving average is $452.66. The firm has a market capitalization of $146.69 billion, a P/E ratio of 27.76, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

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.