Alta Capital Management LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Alta Capital Management LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,182 shares of the software company’s stock after selling 1,249 shares during the period. Adobe accounts for about 3.3% of Alta Capital Management LLC’s portfolio, making the stock its 9th biggest position. Alta Capital Management LLC’s holdings in Adobe were worth $55,222,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment raised its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC raised its stake in 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. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe during the 4th quarter worth approximately $31,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Oppenheimer lowered their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a research note on Thursday, February 13th. Finally, StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Price Performance

Adobe stock opened at $440.72 on Tuesday. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The business has a fifty day moving average price of $439.59 and a 200-day moving average price of $489.79. 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 firm has a market capitalization of $191.85 billion, a P/E ratio of 35.54, a PEG ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm 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. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe 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 completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Company insiders own 0.15% of the company’s stock.

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.