Adobe Inc. (NASDAQ:ADBE) Shares Sold by Commons Capital LLC

Commons Capital LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,699 shares of the software company’s stock after selling 31 shares during the quarter. Commons Capital LLC’s holdings in Adobe were worth $756,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC increased its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after acquiring an additional 1,376,333 shares during the last quarter. FMR LLC grew its stake in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing 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 during the last quarter. Seilern Investment Management Ltd acquired a new position in shares of Adobe in the 4th quarter valued at approximately $110,744,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $126,703,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADBE. Royal Bank of Canada cut their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the firm’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 transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,763 shares of company stock worth $893,665. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $436.36 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $475.06 and its 200 day moving average price is $511.05. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The firm has a market cap of $189.95 billion, a P/E ratio of 35.19, a PEG ratio of 2.08 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.