Proficio Capital Partners LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Proficio Capital Partners LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 48.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,262 shares of the software company’s stock after selling 1,181 shares during the quarter. Proficio Capital Partners LLC’s holdings in Adobe were worth $653,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Concurrent Investment Advisors LLC grew its position in shares of Adobe by 23.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 4,102 shares of the software company’s stock worth $2,070,000 after buying an additional 779 shares during the period. NorthRock Partners LLC grew its position in shares of Adobe by 30.6% in the 1st quarter. NorthRock Partners LLC now owns 4,657 shares of the software company’s stock worth $2,350,000 after buying an additional 1,091 shares during the period. Meeder Advisory Services Inc. grew its position in shares of Adobe by 3.5% in the 1st quarter. Meeder Advisory Services Inc. now owns 6,463 shares of the software company’s stock worth $3,261,000 after buying an additional 220 shares during the period. Verus Capital Partners LLC grew its position in shares of Adobe by 16.4% in the 1st quarter. Verus Capital Partners LLC now owns 1,310 shares of the software company’s stock worth $661,000 after buying an additional 185 shares during the period. Finally, Donoghue Forlines LLC grew its position in shares of Adobe by 32.2% in the 1st quarter. Donoghue Forlines LLC now owns 4,895 shares of the software company’s stock worth $2,470,000 after buying an additional 1,192 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE opened at $494.68 on Friday. The company has a 50-day moving average price of $514.90 and a 200-day moving average price of $516.42. The firm has a market capitalization of $217.76 billion, a P/E ratio of 41.78, a PEG ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week 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 released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of the 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 directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Company 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.