Ring Mountain Capital LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Ring Mountain Capital LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 505 shares of the software company’s stock, valued at approximately $225,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB raised its stake in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares during the period. Morse Asset Management Inc increased its holdings in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after buying an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after buying an additional 1,326 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Mizuho cut their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, UBS Group cut their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $570.88.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Price Performance

NASDAQ:ADBE opened at $440.72 on Tuesday. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $191.85 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 2.15 and a beta of 1.31. The firm’s fifty day moving average is $439.59 and its two-hundred day moving average is $489.79.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate 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 company earned $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 16.65 EPS 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.