Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 40.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 76,314 shares of the software company’s stock after selling 52,346 shares during the period. Mediolanum International Funds Ltd’s holdings in Adobe were worth $33,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new position in Adobe in the third quarter worth $26,000. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter worth $30,000. True Wealth Design LLC raised its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new position in Adobe in the third quarter worth $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADBE. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Royal Bank of Canada dropped their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. DA Davidson dropped their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, UBS Group dropped their price target 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 equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $446.00 on Friday. The company has a market cap of $194.14 billion, a P/E ratio of 35.97, a PEG ratio of 2.12 and a beta of 1.31. 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 one year low of $403.75 and a one year high of $638.25. The business’s 50-day simple moving average is $464.63 and its 200 day simple moving average is $505.15.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the business earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % 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 worth $2,525,126. 0.15% of the stock is currently owned by insiders.

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.