Sara Bay Financial Has $383,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sara Bay Financial trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.5% in the first quarter, HoldingsChannel reports. The firm owned 994 shares of the software company’s stock after selling 168 shares during the period. Sara Bay Financial’s holdings in Adobe were worth $383,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter worth $31,000. Finally, Caitlin John LLC grew its stake in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.4%

Shares of Adobe stock opened at $416.92 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50-day moving average of $381.41 and a 200 day moving average of $425.24. The firm has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results 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. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADBE. Oppenheimer decreased their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Robert W. Baird decreased their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Mizuho decreased their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. BMO Capital Markets decreased their price target on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Insiders Place Their Bets

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

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.