DMC Group LLC Sells 88 Shares of Adobe Inc. (NASDAQ:ADBE)

DMC Group LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 5.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,543 shares of the software company’s stock after selling 88 shares during the quarter. DMC Group LLC’s holdings in Adobe were worth $686,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. FMR LLC lifted its holdings in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares during the period. Seilern Investment Management Ltd acquired a new stake in shares of Adobe in the fourth quarter worth $110,744,000. Finally, Erste Asset Management GmbH bought a new position in Adobe during the third quarter worth $126,703,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ADBE. Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Citigroup decreased their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Finally, StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred 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 completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $441.68 on Thursday. The business has a fifty day moving average of $465.79 and a 200-day moving average of $505.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The firm has a market cap of $192.26 billion, a PE ratio of 35.62, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

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, topping 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 company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the business earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.