Alpha Family Trust Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Alpha Family Trust cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,148 shares of the software company’s stock after selling 207 shares during the quarter. Adobe comprises approximately 0.7% of Alpha Family Trust’s portfolio, making the stock its 24th biggest holding. Alpha Family Trust’s holdings in Adobe were worth $1,193,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in ADBE. Concentrum Wealth Management grew its stake in shares of Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Aveo Capital Partners LLC grew its stake in Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares in the last quarter. Gryphon Financial Partners LLC grew its stake in Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after purchasing an additional 658 shares in the last quarter. Level Four Advisory Services LLC grew its stake in Adobe by 7.5% during the 4th quarter. Level Four Advisory Services LLC now owns 1,451 shares of the software company’s stock valued at $866,000 after purchasing an additional 101 shares in the last quarter. Finally, TrinityPoint Wealth LLC grew its stake in Adobe by 3.0% during the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock valued at $654,000 after purchasing an additional 32 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $521.50 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. The stock’s fifty day simple moving average is $552.68 and its 200 day simple moving average is $519.46. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,259 shares of company stock valued at $14,855,543. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday. UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday. KeyCorp increased their target price on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.58.

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.