Procyon Advisors LLC Sells 208 Shares of Adobe Inc. (NASDAQ:ADBE)

Procyon Advisors LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,727 shares of the software company’s stock after selling 208 shares during the quarter. Procyon Advisors LLC’s holdings in Adobe were worth $2,546,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Tompkins Financial Corp boosted its stake in Adobe by 3.4% during the fourth quarter. Tompkins Financial Corp now owns 13,803 shares of the software company’s stock worth $6,138,000 after buying an additional 453 shares in the last quarter. Woodstock Corp raised its stake in shares of Adobe by 3.9% in the 4th quarter. Woodstock Corp now owns 967 shares of the software company’s stock valued at $430,000 after buying an additional 36 shares in the last quarter. First Pacific Financial lifted its holdings in shares of Adobe by 7.1% during the 4th quarter. First Pacific Financial now owns 2,656 shares of the software company’s stock worth $1,181,000 after acquiring an additional 177 shares during the period. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at about $31,000. Finally, Kraematon Investment Advisors Inc. increased its stake in Adobe by 2.9% in the fourth quarter. Kraematon Investment Advisors Inc. now owns 4,577 shares of the software company’s stock valued at $2,035,000 after acquiring an additional 130 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, BMO Capital Markets lowered their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Up 2.3 %

Shares of NASDAQ:ADBE opened at $426.93 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11. The stock has a market cap of $187.93 billion, a price-to-earnings ratio of 34.43, a P/E/G ratio of 1.97 and a beta of 1.31. The company has a 50 day moving average of $479.32 and a 200-day moving average of $514.33. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates 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 45.87%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.52 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.