Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 21.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,860 shares of the software company’s stock after selling 1,843 shares during the quarter. Adobe accounts for 1.6% of Mezzasalma Advisors LLC’s portfolio, making the stock its 15th largest position. Mezzasalma Advisors LLC’s holdings in Adobe were worth $3,462,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in ADBE. FORVIS Wealth Advisors LLC increased its position in shares of Adobe by 27.3% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 5,603 shares of the software company’s stock valued at $2,827,000 after purchasing an additional 1,202 shares during the period. Horizon Bancorp Inc. IN increased its position in shares of Adobe by 35.0% during the 1st quarter. Horizon Bancorp Inc. IN now owns 378 shares of the software company’s stock valued at $191,000 after purchasing an additional 98 shares during the period. Everett Harris & Co. CA increased its position in shares of Adobe by 173.2% during the 1st quarter. Everett Harris & Co. CA now owns 2,106 shares of the software company’s stock valued at $1,063,000 after purchasing an additional 1,335 shares during the period. Teamwork Financial Advisors LLC increased its position in shares of Adobe by 90.8% during the 1st quarter. Teamwork Financial Advisors LLC now owns 929 shares of the software company’s stock valued at $469,000 after purchasing an additional 442 shares during the period. Finally, Marshall Financial Group LLC increased its position in shares of Adobe by 2.7% during the 1st quarter. Marshall Financial Group LLC now owns 3,709 shares of the software company’s stock valued at $1,872,000 after purchasing an additional 96 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Finally, Barclays raised their price objective on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $607.67.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded up $2.44 on Thursday, hitting $570.15. The company’s stock had a trading volume of 1,664,373 shares, compared to its average volume of 4,552,269. The company has a market capitalization of $252.80 billion, a PE ratio of 51.23, a PEG ratio of 2.96 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day moving average price of $490.66 and a 200 day moving average price of $534.23.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.