Evergreen Capital Management LLC Has $1.43 Million Position in Adobe Inc. (NASDAQ:ADBE)

Evergreen Capital Management LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,223 shares of the software company’s stock after selling 276 shares during the quarter. Evergreen Capital Management LLC’s holdings in Adobe were worth $1,433,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ADBE. Finward Bancorp purchased a new position in Adobe during the 4th quarter valued at about $376,000. Gamco Investors INC. ET AL grew its position in Adobe by 3.0% during the fourth quarter. Gamco Investors INC. ET AL now owns 1,678 shares of the software company’s stock valued at $746,000 after purchasing an additional 49 shares in the last quarter. Gabelli Funds LLC increased its stake in Adobe by 0.4% in the 4th quarter. Gabelli Funds LLC now owns 21,500 shares of the software company’s stock valued at $9,561,000 after buying an additional 95 shares during the period. Montag & Caldwell LLC lifted its position in Adobe by 17.5% in the 4th quarter. Montag & Caldwell LLC now owns 25,986 shares of the software company’s stock worth $11,555,000 after buying an additional 3,870 shares in the last quarter. Finally, Jump Financial LLC lifted its position in Adobe by 224.8% in the 4th quarter. Jump Financial LLC now owns 17,813 shares of the software company’s stock worth $7,921,000 after buying an additional 12,329 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Oppenheimer lowered their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Finally, Bank of America decreased their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $513.27.

Adobe Price Performance

Shares of ADBE stock opened at $348.80 on Friday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market capitalization of $148.66 billion, a P/E ratio of 28.13, a P/E/G ratio of 2.15 and a beta of 1.49. The stock has a 50 day moving average of $405.74 and a two-hundred day moving average of $451.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the business earned $4.48 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.