Fairscale Capital LLC Sells 36 Shares of Adobe Inc. (NASDAQ:ADBE)

Fairscale Capital LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 2,235 shares of the software company’s stock after selling 36 shares during the quarter. Adobe makes up about 0.9% of Fairscale Capital LLC’s holdings, making the stock its 27th biggest holding. Fairscale Capital LLC’s holdings in Adobe were worth $994,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the period. FMR LLC raised its holdings 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 valued at $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Adobe during the 4th quarter valued at about $243,827,000. Assenagon Asset Management S.A. grew its holdings in shares of Adobe by 42.3% during the fourth 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. Finally, Seilern Investment Management Ltd bought a new position in shares of Adobe in the fourth quarter worth approximately $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets cut their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Royal Bank of Canada lowered their price target on Adobe from $590.00 to $550.00 and set an “outperform” rating on the stock in a research report on Friday. Sanford C. Bernstein cut their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $567.81.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $449.40 on Monday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The stock has a market capitalization of $195.67 billion, a P/E ratio of 36.24, a P/E/G ratio of 2.15 and a beta of 1.37. The company’s 50-day moving average is $439.56 and its 200 day moving average is $486.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm 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 company earned $3.52 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is currently owned by company insiders.

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.