Sierra Capital LLC Sells 127 Shares of Adobe Inc. (NASDAQ:ADBE)

Sierra Capital LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 6.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,824 shares of the software company’s stock after selling 127 shares during the quarter. Sierra Capital LLC’s holdings in Adobe were worth $811,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Connable Office Inc. boosted its holdings in shares of Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank raised its position in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the last quarter. James J. Burns & Company LLC boosted its stake in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares in the last quarter. Holistic Financial Partners increased its stake in shares of Adobe by 6.0% in the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after buying an additional 22 shares during the period. Finally, Latitude Advisors LLC increased its stake in shares of Adobe by 4.3% in the third quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock valued at $287,000 after buying an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company’s 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 in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was 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 in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Adobe Price Performance

Shares of ADBE opened at $444.42 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s fifty day moving average is $440.12 and its 200 day moving average is $493.28. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The stock has a market cap of $193.46 billion, a P/E ratio of 35.84, a P/E/G ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.