Alhambra Investment Management LLC Sells 794 Shares of Adobe Inc. (NASDAQ:ADBE)

Alhambra Investment Management LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 37.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,321 shares of the software company’s stock after selling 794 shares during the period. Alhambra Investment Management LLC’s holdings in Adobe were worth $507,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC bought a new position in shares of Adobe during the 4th quarter worth about $28,000. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter worth about $28,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 4th quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe during the 4th quarter worth about $36,000. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $416.06 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a 50-day moving average price of $382.99 and a 200 day moving average price of $423.44. The stock has a market capitalization of $177.32 billion, a P/E ratio of 33.55, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company earned $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. DA Davidson cut their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $503.33.

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.