Everpar Advisors LLC Sells 67 Shares of Adobe Inc. (NASDAQ:ADBE)

Everpar Advisors LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% in the first quarter, HoldingsChannel reports. The fund owned 1,144 shares of the software company’s stock after selling 67 shares during the period. Everpar Advisors LLC’s holdings in Adobe were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ADBE. Brighton Jones LLC grew its stake in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after acquiring an additional 167 shares during the period. Union Bancaire Privee UBP SA bought a new position in shares of Adobe during the 4th quarter valued at approximately $76,712,000. Stanley Laman Group Ltd. grew its stake in shares of Adobe by 87.2% during the 4th quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company’s stock valued at $346,000 after acquiring an additional 362 shares during the period. IMS Capital Management grew its stake in shares of Adobe by 2.7% during the 4th quarter. IMS Capital Management now owns 2,915 shares of the software company’s stock valued at $1,296,000 after acquiring an additional 76 shares during the period. Finally, Bogart Wealth LLC grew its stake in shares of Adobe by 8.1% during the 4th quarter. Bogart Wealth LLC now owns 13,981 shares of the software company’s stock valued at $6,217,000 after acquiring an additional 1,043 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley dropped their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $494.67.

Adobe Stock Down 5.3%

NASDAQ ADBE opened at $391.68 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a 50 day moving average price of $386.76 and a 200-day moving average price of $421.72.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.