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

Mezzasalma Advisors LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 12.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,406 shares of the software company’s stock after selling 653 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Adobe were worth $1,690,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its holdings in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares during the last quarter. Burling Wealth Partners LLC purchased a new stake in Adobe in the fourth quarter valued at $1,173,000. Horan Capital Advisors LLC. lifted its stake in shares of Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after purchasing an additional 114 shares during the last quarter. Sound Income Strategies LLC grew its holdings in shares of Adobe by 17.6% during the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock worth $118,000 after purchasing an additional 46 shares during the period. Finally, Proficio Capital Partners LLC increased its position in shares of Adobe by 85.8% during the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after purchasing an additional 1,083 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 4.7%

Shares of Adobe stock opened at $382.68 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a fifty day simple moving average of $388.36 and a 200-day simple moving average of $419.38. The stock has a market cap of $163.10 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 1.97 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADBE shares. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $494.67.

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.