Savoie Capital LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Savoie Capital LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 57.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,615 shares of the software company’s stock after selling 4,800 shares during the quarter. Savoie Capital LLC’s holdings in Adobe were worth $1,872,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter valued at $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter worth about $30,000. Finally, True Wealth Design LLC lifted 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 valued at $30,000 after acquiring an additional 34 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $547.93 on Tuesday. The business has a 50-day moving average price of $504.80 and a 200-day moving average price of $522.67. The firm has a market cap of $241.20 billion, a price-to-earnings ratio of 46.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. BMO Capital Markets lifted their price target on shares of Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a research note on Friday. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Citigroup lowered their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $600.79.

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.