Crossvault Capital Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,742 shares of the software company’s stock after selling 258 shares during the quarter. Adobe comprises 1.7% of Crossvault Capital Management LLC’s investment portfolio, making the stock its 24th biggest position. Crossvault Capital Management LLC’s holdings in Adobe were worth $4,631,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Carmichael Hill & Associates Inc. purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $25,000. Concord Wealth Partners purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $32,000. Cordasco Financial Network raised its stake in shares of Adobe by 54.3% in the 4th quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock valued at $36,000 after acquiring an additional 25 shares during the period. Capstone Triton Financial Group LLC purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $46,000. Finally, Curi Capital purchased a new stake in Adobe during the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 82.43% of the company’s stock.
Adobe stock traded down $11.23 during trading hours on Tuesday, reaching $492.23. 30,182 shares of the stock were exchanged, compared to its average volume of 2,647,097. The stock has a market cap of $235.29 billion, a P/E ratio of 46.44, a P/E/G ratio of 2.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48. Adobe Inc. has a 52-week low of $340.00 and a 52-week high of $536.88. The firm’s 50 day moving average is $488.57 and its 200 day moving average is $479.62.
In other news, CFO John Francis Murphy sold 3,250 shares of the stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $512.78, for a total value of $1,666,535.00. Following the completion of the transaction, the chief financial officer now owns 22,790 shares in the company, valued at approximately $11,686,256.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total transaction of $1,996,680.00. Following the transaction, the executive vice president now owns 43,746 shares of the company’s stock, valued at $21,836,690.82. The disclosure for this sale can be found here. Insiders sold a total of 13,836 shares of company stock valued at $7,093,673 in the last quarter. Insiders own 0.31% of the company’s stock.
ADBE has been the topic of several recent research reports. UBS Group reaffirmed a “buy” rating on shares of Adobe in a research note on Thursday, April 8th. Guggenheim reaffirmed a “hold” rating on shares of Adobe in a research note on Thursday, April 22nd. Credit Suisse Group initiated coverage on shares of Adobe in a research note on Tuesday, March 16th. They set an “outperform” rating and a $575.00 target price on the stock. BMO Capital Markets cut their target price on shares of Adobe from $570.00 to $535.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 30th. Finally, Morgan Stanley upped their target price on shares of Adobe from $560.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $551.68.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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