Pallas Capital Advisors LLC Sells 1,299 Shares of Adobe Inc. (NASDAQ:ADBE)

Pallas Capital Advisors LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,430 shares of the software company’s stock after selling 1,299 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Adobe were worth $7,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank grew its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the third quarter worth $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the third quarter valued at about $30,000. Finally, True Wealth Design LLC raised its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $2.58 during trading on Monday, reaching $408.50. The company’s stock had a trading volume of 4,551,049 shares, compared to its average volume of 4,240,533. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The firm has a market cap of $179.82 billion, a price-to-earnings ratio of 32.94, a P/E/G ratio of 2.51 and a beta of 1.31. The business’s fifty day moving average price is $484.01 and its 200-day moving average price is $517.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.52 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock worth $1,679,809 over the last three months. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $575.85.

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.