Parallel Advisors LLC Sells 1,280 Shares of Adobe Inc. (NASDAQ:ADBE)

Parallel Advisors LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,234 shares of the software company's stock after selling 1,280 shares during the period. Parallel Advisors LLC's holdings in Adobe were worth $13,130,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Siemens Fonds Invest GmbH increased its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter valued at $28,000. Copia Wealth Management bought a new stake in Adobe in the fourth quarter valued at $28,000. Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter valued at $31,000. Finally, Caitlin John LLC increased its position in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after buying an additional 48 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.16% of the company's stock.

Adobe Stock Performance

Shares of Adobe stock traded up $1.40 on Friday, reaching $414.76. 4,229,413 shares of the company traded hands, compared to its average volume of 3,422,194. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a 50 day moving average of $379.10 and a 200 day moving average of $428.70. The firm has a market capitalization of $176.77 billion, a PE ratio of 33.45, a PEG ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. DA Davidson decreased their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Evercore ISI decreased their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

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.