AlphaQuest LLC Has $491,000 Stake in Adobe Inc. (NASDAQ:ADBE)

AlphaQuest LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 55.5% in the fourth quarter, HoldingsChannel reports. The firm owned 1,105 shares of the software company’s stock after selling 1,377 shares during the period. AlphaQuest LLC’s holdings in Adobe were worth $491,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Roberts Glore & Co. Inc. IL acquired a new position in Adobe in the 4th quarter worth approximately $514,000. OFI Invest Asset Management acquired a new position in Adobe in the 4th quarter worth approximately $5,647,000. United Community Bank boosted its stake in Adobe by 9.0% in the 4th quarter. United Community Bank now owns 2,373 shares of the software company’s stock worth $1,055,000 after purchasing an additional 195 shares during the period. Atlantic Union Bankshares Corp boosted its stake in Adobe by 5.0% in the 4th quarter. Atlantic Union Bankshares Corp now owns 21,032 shares of the software company’s stock worth $9,352,000 after purchasing an additional 999 shares during the period. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in Adobe by 3.0% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,263 shares of the software company’s stock worth $3,674,000 after purchasing an additional 241 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $438.60 on Thursday. The company has a market capitalization of $190.97 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s fifty day moving average price is $439.01 and its 200 day moving average price is $484.54.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm posted $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $563.96.

Insiders Place Their Bets

In related news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last ninety days. Insiders own 0.15% of the company’s stock.

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.