Adobe Inc. (NASDAQ:ADBE) Shares Sold by McDonough Capital Management Inc

McDonough Capital Management Inc cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 73.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,169 shares of the software company’s stock after selling 3,297 shares during the period. Adobe makes up about 0.3% of McDonough Capital Management Inc’s investment portfolio, making the stock its 29th largest holding. McDonough Capital Management Inc’s holdings in Adobe were worth $520,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the third quarter worth approximately $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% during the third 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 shares of Adobe during the third quarter worth approximately $36,000. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the fourth quarter worth approximately $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE opened at $451.24 on Thursday. The stock has a fifty day moving average of $439.61 and a 200-day moving average of $488.77. The firm has a market capitalization of $196.42 billion, a P/E ratio of 36.39, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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 return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. UBS Group decreased their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Mizuho decreased their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the 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. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

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.