Brookstone Capital Management Sells 3,141 Shares of Adobe Inc. (NASDAQ:ADBE)

Brookstone Capital Management cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 39.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,758 shares of the software company’s stock after selling 3,141 shares during the quarter. Brookstone Capital Management’s holdings in Adobe were worth $2,116,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment grew its position in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC boosted its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 1.1 %

ADBE opened at $417.28 on Thursday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The stock’s fifty day simple moving average is $481.07 and its 200 day simple moving average is $515.02. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $183.69 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.52 EPS. As a group, research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADBE. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.