GAMMA Investing LLC Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

GAMMA Investing LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,376 shares of the software company’s stock after selling 82 shares during the quarter. GAMMA Investing LLC’s holdings in Adobe were worth $2,835,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at about $26,000. Piscataqua Savings Bank boosted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Adobe in the third quarter valued at approximately $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,293 shares of company stock valued at $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. DA Davidson dropped their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. 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 note on Thursday, December 12th. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Price Performance

Adobe stock opened at $441.00 on Friday. The company’s 50 day simple moving average is $492.21 and its 200-day simple moving average is $521.97. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 1 year low of $432.47 and a 1 year high of $638.25. The company has a market capitalization of $194.13 billion, a price-to-earnings ratio of 35.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the company earned $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

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.