Yousif Capital Management LLC Sells 3,023 Shares of Adobe Inc. (NASDAQ:ADBE)

Yousif Capital Management LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,574 shares of the software company’s stock after selling 3,023 shares during the quarter. Yousif Capital Management LLC’s holdings in Adobe were worth $24,268,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Czech National Bank raised its position in shares of Adobe by 5.8% in the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after purchasing an additional 4,954 shares during the period. Diversified Trust Co raised its position in shares of Adobe by 10.8% in the third quarter. Diversified Trust Co now owns 6,446 shares of the software company’s stock valued at $3,338,000 after purchasing an additional 630 shares during the period. Smith Anglin Financial LLC raised its position in shares of Adobe by 6.1% in the third quarter. Smith Anglin Financial LLC now owns 657 shares of the software company’s stock valued at $340,000 after purchasing an additional 38 shares during the period. Miracle Mile Advisors LLC raised its position in shares of Adobe by 10.8% in the third quarter. Miracle Mile Advisors LLC now owns 1,577 shares of the software company’s stock valued at $817,000 after purchasing an additional 154 shares during the period. Finally, City Center Advisors LLC bought a new position in shares of Adobe in the third quarter valued at about $448,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ADBE shares. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada lowered their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Finally, Citigroup lowered their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.4 %

Adobe stock opened at $440.23 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $634.59. The firm has a 50 day moving average price of $460.36 and a two-hundred day moving average price of $502.16. The firm has a market cap of $191.63 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly 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 net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the business earned $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last quarter. 0.15% of the stock is owned by corporate insiders.

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.