Prossimo Advisors LLC Sells 61 Shares of Adobe Inc. (NASDAQ:ADBE)

Prossimo Advisors LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,692 shares of the software company’s stock after selling 61 shares during the quarter. Adobe comprises approximately 0.9% of Prossimo Advisors LLC’s holdings, making the stock its 28th biggest position. Prossimo Advisors LLC’s holdings in Adobe were worth $1,197,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth $26,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Briaud Financial Planning Inc acquired a new position in Adobe in the 3rd quarter valued at about $36,000. Finally, Decker Retirement Planning Inc. bought a new position in Adobe in the 4th quarter valued at about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on 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 owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the 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 $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ADBE shares. 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 report on Thursday, December 12th. Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Up 0.9 %

ADBE opened at $464.11 on Wednesday. The company’s 50 day moving average is $443.14 and its 200-day moving average is $495.16. The company has a market cap of $202.03 billion, a P/E ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

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.