Pallas Capital Advisors LLC Sells 1,299 Shares of Adobe Inc. (NASDAQ:ADBE)

Pallas Capital Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,430 shares of the software company’s stock after selling 1,299 shares during the period. Pallas Capital Advisors LLC’s holdings in Adobe were worth $7,306,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Sunflower Bank N.A. boosted its position in Adobe by 15.1% during the fourth quarter. Sunflower Bank N.A. now owns 1,024 shares of the software company’s stock valued at $455,000 after purchasing an additional 134 shares during the last quarter. Elevated Capital Advisors LLC increased its position in Adobe by 19.8% during the fourth quarter. Elevated Capital Advisors LLC now owns 3,098 shares of the software company’s stock worth $1,378,000 after buying an additional 511 shares during the last quarter. Bar Harbor Wealth Management raised its stake in Adobe by 4.1% in the fourth quarter. Bar Harbor Wealth Management now owns 10,470 shares of the software company’s stock valued at $4,656,000 after buying an additional 415 shares during the period. Marshall & Sullivan Inc. WA lifted its position in shares of Adobe by 1.1% in the fourth quarter. Marshall & Sullivan Inc. WA now owns 11,512 shares of the software company’s stock valued at $5,119,000 after buying an additional 120 shares during the last quarter. Finally, Claro Advisors LLC increased its holdings in shares of Adobe by 2.9% during the 4th quarter. Claro Advisors LLC now owns 1,364 shares of the software company’s stock worth $607,000 after acquiring an additional 38 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Mizuho lowered their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Bank of America reduced their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction 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 directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock valued at $1,679,809 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Up 0.6 %

Shares of NASDAQ:ADBE traded up $2.58 during mid-day trading on Monday, hitting $408.50. 4,551,049 shares of the company traded hands, compared to its average volume of 4,240,533. The stock has a market cap of $179.82 billion, a P/E ratio of 32.94, a P/E/G ratio of 2.51 and a beta of 1.31. The stock has a 50-day moving average price of $484.01 and a two-hundred day moving average price of $517.00. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

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.