Avalon Capital Management Sells 226 Shares of Adobe Inc. (NASDAQ:ADBE)

Avalon Capital Management cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 17.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,085 shares of the software company’s stock after selling 226 shares during the quarter. Avalon Capital Management’s holdings in Adobe were worth $482,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. FMR LLC raised its position in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd bought a new stake in Adobe during the 4th quarter worth approximately $110,744,000. Erste Asset Management GmbH purchased a new position in shares of Adobe in the 3rd quarter worth approximately $126,703,000. Finally, State Street Corp raised its holdings in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.0 %

Shares of ADBE opened at $444.42 on Tuesday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The company has a market cap of $193.46 billion, a P/E ratio of 35.84, a P/E/G ratio of 2.15 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $440.12 and its 200-day simple moving average is $493.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, 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 in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADBE. DA Davidson lowered their target price 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. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Wells Fargo & Company reduced their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $570.88.

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.