Mezzasalma Advisors LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Mezzasalma Advisors LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 23.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,059 shares of the software company’s stock after selling 1,564 shares during the quarter. Adobe accounts for about 0.7% of Mezzasalma Advisors LLC’s holdings, making the stock its 29th biggest holding. Mezzasalma Advisors LLC’s holdings in Adobe were worth $2,250,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Legacy Investment Solutions LLC acquired a new position in Adobe in the third quarter valued at approximately $26,000. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in Adobe during the 3rd quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ADBE shares. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Royal Bank of Canada dropped their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

Shares of ADBE opened at $433.07 on Friday. 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 capitalization of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.12 and a beta of 1.31. The stock has a 50 day simple moving average of $455.58 and a 200 day simple moving average of $500.48. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $628.07.

Adobe (NASDAQ:ADBE) last issued 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. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.52 earnings per share. 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.