Adobe Inc. (NASDAQ:ADBE) Holdings Cut by Alta Capital Management LLC

Alta Capital Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% during the fourth quarter, Holdings Channel reports. The fund owned 124,182 shares of the software company’s stock after selling 1,249 shares during the period. Adobe makes up about 3.3% of Alta Capital Management LLC’s holdings, making the stock its 9th biggest holding. Alta Capital Management LLC’s holdings in Adobe were worth $55,222,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Swedbank AB grew its holdings in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of Adobe by 3.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company’s stock worth $1,408,000 after purchasing an additional 93 shares in the last quarter. Princeton Global Asset Management LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $53,000. Janney Montgomery Scott LLC boosted its position in shares of Adobe by 0.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 97,316 shares of the software company’s stock worth $50,388,000 after purchasing an additional 364 shares in the last quarter. Finally, Blue Square Asset Management LLC boosted its position in shares of Adobe by 3.6% in the 3rd quarter. Blue Square Asset Management LLC now owns 4,942 shares of the software company’s stock worth $2,559,000 after purchasing an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on ADBE shares. Mizuho dropped their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Trading Up 0.5 %

Shares of ADBE stock opened at $440.72 on Tuesday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $191.85 billion, a PE ratio of 35.54, a PEG ratio of 2.15 and a beta of 1.31. The stock has a fifty day simple moving average of $439.59 and a two-hundred day simple moving average of $489.79.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the business posted $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.