Mezzasalma Advisors LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Mezzasalma Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,676 shares of the software company’s stock after selling 184 shares during the period. Adobe accounts for about 1.6% of Mezzasalma Advisors LLC’s portfolio, making the stock its 16th largest holding. Mezzasalma Advisors LLC’s holdings in Adobe were worth $3,709,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Barlow Wealth Partners Inc. purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $16,700,000. Vise Technologies Inc. grew its position in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares during the period. Steph & Co. grew its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC grew its position in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the period. Finally, Ashburton Jersey Ltd grew its position in Adobe by 6.2% in the fourth quarter. Ashburton Jersey Ltd now owns 6,530 shares of the software company’s stock worth $3,896,000 after acquiring an additional 379 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock traded up $4.78 during mid-day trading on Friday, hitting $574.41. 1,982,970 shares of the stock were exchanged, compared to its average volume of 3,201,657. The stock’s fifty day simple moving average is $549.50 and its two-hundred day simple moving average is $519.90. The stock has a market capitalization of $254.69 billion, a price-to-earnings ratio of 51.61, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company posted $3.04 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last quarter. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Stifel Nicolaus decreased their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. Robert W. Baird upped their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $601.38.

About Adobe

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.