Park Avenue Securities LLC Sells 1,303 Shares of Adobe Inc. (NASDAQ:ADBE)

Park Avenue Securities LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 18,734 shares of the software company’s stock after selling 1,303 shares during the quarter. Park Avenue Securities LLC’s holdings in Adobe were worth $8,331,000 at the end of the most recent quarter.

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

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of ADBE opened at $417.28 on Thursday. The firm has a 50-day simple moving average of $481.07 and a two-hundred day simple moving average of $515.02. The stock has a market cap of $183.69 billion, a PE ratio of 33.65, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. BMO Capital Markets reduced their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.