Rovin Capital UT ADV Sells 474 Shares of Adobe Inc. (NASDAQ:ADBE)

Rovin Capital UT ADV lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 28.8% in the fourth quarter, HoldingsChannel reports. The firm owned 1,169 shares of the software company’s stock after selling 474 shares during the period. Rovin Capital UT ADV’s holdings in Adobe were worth $520,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter valued at $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. bought a new position in Adobe during the third quarter worth about $30,000. Finally, True Wealth Design LLC grew its stake 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 acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ADBE shares. DA Davidson dropped their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Mizuho reduced their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, UBS Group reduced their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,763 shares of company stock worth $893,665. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.1 %

ADBE stock opened at $417.28 on Thursday. The business has a 50-day simple moving average of $481.07 and a 200 day simple moving average of $515.02. The company has a market cap of $183.69 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 16.73 EPS for the current fiscal year.

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.