Sachetta LLC Sells 35 Shares of Adobe Inc. (NASDAQ:ADBE)

Sachetta LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 24.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 106 shares of the software company’s stock after selling 35 shares during the quarter. Sachetta LLC’s holdings in Adobe were worth $47,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Dark Forest Capital Management LP purchased a new position in shares of Adobe in the 2nd quarter worth approximately $686,000. Mackenzie Financial Corp boosted its position in Adobe by 0.7% in the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after purchasing an additional 451 shares during the last quarter. Select Equity Group L.P. grew its stake in Adobe by 154.3% in the 2nd quarter. Select Equity Group L.P. now owns 82,924 shares of the software company’s stock valued at $46,068,000 after purchasing an additional 50,321 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $44,002,000. Finally, Ninepoint Partners LP raised its stake in shares of Adobe by 7.6% during the 2nd quarter. Ninepoint Partners LP now owns 1,306 shares of the software company’s stock worth $726,000 after purchasing an additional 92 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned 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, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

NASDAQ ADBE opened at $435.38 on Friday. The firm has a market cap of $189.52 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. The company has a 50-day simple moving average of $469.50 and a two-hundred day simple moving average of $509.04. 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 12-month low of $403.75 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In related 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 owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is owned by 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.