Parallel Advisors LLC Sells 50 Shares of Adobe Inc. (NASDAQ:ADBE)

Parallel Advisors LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,514 shares of the software company’s stock after selling 50 shares during the period. Parallel Advisors LLC’s holdings in Adobe were worth $15,793,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Swedbank AB boosted its position in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares during the period. United Bank boosted its holdings in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after acquiring an additional 428 shares during the period. OneDigital Investment Advisors LLC grew its position in Adobe by 1.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,002 shares of the software company’s stock valued at $3,108,000 after acquiring an additional 104 shares during the last quarter. Empowered Funds LLC increased its stake in Adobe by 28.9% in the third quarter. Empowered Funds LLC now owns 12,538 shares of the software company’s stock worth $6,492,000 after purchasing an additional 2,811 shares during the period. Finally, Schear Investment Advisers LLC lifted its position in shares of Adobe by 13.2% during the third quarter. Schear Investment Advisers LLC now owns 4,255 shares of the software company’s stock worth $2,203,000 after purchasing an additional 495 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 4.5 %

NASDAQ:ADBE opened at $394.74 on Monday. The company’s 50 day moving average is $437.03 and its two-hundred day moving average is $481.50. The company has a market cap of $171.87 billion, a PE ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. 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 (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last three months. 0.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Morgan Stanley lowered their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company decreased their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Finally, Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $540.60.

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.