Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 23.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,059 shares of the software company’s stock after selling 1,564 shares during the quarter. Adobe accounts for about 0.7% of Mezzasalma Advisors LLC’s investment portfolio, making the stock its 29th largest holding. Mezzasalma Advisors LLC’s holdings in Adobe were worth $2,250,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in ADBE. CWM LLC lifted its holdings in shares of Adobe by 7.9% during the third quarter. CWM LLC now owns 42,449 shares of the software company’s stock valued at $21,979,000 after purchasing an additional 3,097 shares during the last quarter. Marcum Wealth LLC raised its position in Adobe by 4.4% during the third quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock valued at $596,000 after acquiring an additional 49 shares in the last quarter. Cypress Wealth Services LLC boosted its holdings in Adobe by 7.9% in the third quarter. Cypress Wealth Services LLC now owns 491 shares of the software company’s stock worth $254,000 after purchasing an additional 36 shares in the last quarter. WealthBridge Investment Counsel Inc. increased its holdings in shares of Adobe by 194.2% during the 3rd quarter. WealthBridge Investment Counsel Inc. now owns 3,192 shares of the software company’s stock valued at $1,653,000 after acquiring an additional 2,107 shares during the last quarter. Finally, Pinnacle Bancorp Inc. lifted its stake in shares of Adobe by 5.2% in the third quarter. Pinnacle Bancorp Inc. now owns 1,517 shares of the software company’s stock worth $785,000 after buying an additional 75 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ ADBE opened at $433.07 on Friday. The business’s fifty day moving average is $455.58 and its 200 day moving average is $500.48. The company has a market capitalization of $188.52 billion, a PE ratio of 34.93, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $628.07. 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 (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the business posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ADBE shares. Jefferies Financial Group dropped their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada lowered their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction 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 transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is owned by 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.