Alpha Cubed Investments LLC Sells 10,633 Shares of Adobe Inc. (NASDAQ:ADBE)

Alpha Cubed Investments LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 71.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,214 shares of the software company’s stock after selling 10,633 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Adobe were worth $1,874,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ADBE. Segment Wealth Management LLC boosted its position in shares of Adobe by 2.7% during the fourth quarter. Segment Wealth Management LLC now owns 3,254 shares of the software company’s stock worth $1,447,000 after acquiring an additional 85 shares during the last quarter. Perpetual Ltd grew its position in shares of Adobe by 4.2% during the fourth quarter. Perpetual Ltd now owns 176,737 shares of the software company’s stock valued at $78,591,000 after purchasing an additional 7,043 shares in the last quarter. Solidarity Wealth LLC increased its holdings in shares of Adobe by 0.3% in the fourth quarter. Solidarity Wealth LLC now owns 16,254 shares of the software company’s stock worth $7,228,000 after purchasing an additional 48 shares during the last quarter. Aspiriant LLC lifted its position in shares of Adobe by 5.8% in the fourth quarter. Aspiriant LLC now owns 2,450 shares of the software company’s stock worth $1,089,000 after buying an additional 134 shares in the last quarter. Finally, Royal Fund Management LLC boosted its stake in Adobe by 1.0% during the fourth quarter. Royal Fund Management LLC now owns 5,533 shares of the software company’s stock valued at $2,460,000 after buying an additional 53 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE opened at $429.99 on Tuesday. The firm’s 50-day moving average price is $475.06 and its 200-day moving average price is $511.05. The company has a market cap of $187.17 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share 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 analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.52 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock worth $893,665 over the last quarter. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Barclays decreased their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe 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.