Excalibur Management Corp Sells 76 Shares of Adobe Inc. (NASDAQ:ADBE)

Excalibur Management Corp trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 632 shares of the software company’s stock after selling 76 shares during the quarter. Excalibur Management Corp’s holdings in Adobe were worth $281,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. United Bank boosted its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the period. Penserra Capital Management LLC grew its stake in shares of Adobe by 1.2% in the third quarter. Penserra Capital Management LLC now owns 4,570 shares of the software company’s stock valued at $2,365,000 after acquiring an additional 54 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Adobe by 105.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock valued at $570,000 after purchasing an additional 564 shares during the period. Dai ichi Life Insurance Company Ltd increased its holdings in shares of Adobe by 3.3% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 55,896 shares of the software company’s stock worth $28,942,000 after purchasing an additional 1,779 shares during the period. Finally, FMR LLC boosted its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the 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 completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Durn acquired 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 acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ADBE shares. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets cut their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company decreased their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Adobe Stock Up 2.3 %

Adobe stock opened at $403.64 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $175.75 billion, a PE ratio of 32.55, a PEG ratio of 2.15 and a beta of 1.37. The firm’s fifty day moving average is $433.70 and its 200 day moving average is $472.75. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

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