Adobe Inc. (NASDAQ:ADBE) Shares Sold by GAMMA Investing LLC

GAMMA Investing LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,376 shares of the software company’s stock after selling 82 shares during the period. GAMMA Investing LLC’s holdings in Adobe were worth $2,835,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Versant Capital Management Inc lifted its position in Adobe by 7.3% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the software company’s stock valued at $184,000 after acquiring an additional 28 shares during the last quarter. Old Port Advisors increased its position in shares of Adobe by 5.2% during the fourth quarter. Old Port Advisors now owns 867 shares of the software company’s stock worth $386,000 after purchasing an additional 43 shares in the last quarter. 1ST Source Bank increased its position in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. DGS Capital Management LLC lifted its holdings in shares of Adobe by 1.8% in the 3rd quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after purchasing an additional 42 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Adobe in the 3rd quarter valued at about $14,622,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.8 %

Shares of NASDAQ ADBE opened at $441.00 on Friday. The stock has a market capitalization of $194.13 billion, a price-to-earnings ratio of 35.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe Inc. has a 52 week low of $432.47 and a 52 week high of $638.25. The firm has a 50-day moving average price of $492.21 and a 200 day moving average price of $521.97. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

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

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred 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 directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reduced their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Mizuho reduced their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Bank of America decreased their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $584.88.

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.