Cavalier Investments LLC Sells 1,500 Shares of Adobe Inc (NASDAQ:ADBE)

Cavalier Investments LLC cut its stake in Adobe Inc (NASDAQ:ADBE) by 13.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,489 shares of the software company’s stock after selling 1,500 shares during the quarter. Adobe accounts for 1.4% of Cavalier Investments LLC’s holdings, making the stock its 20th biggest position. Cavalier Investments LLC’s holdings in Adobe were worth $3,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Cibc Bank USA increased its stake in shares of Adobe by 29.0% in the 3rd quarter. Cibc Bank USA now owns 1,694 shares of the software company’s stock valued at $468,000 after acquiring an additional 381 shares during the last quarter. RDA Financial Network increased its stake in shares of Adobe by 2.1% in the 3rd quarter. RDA Financial Network now owns 3,982 shares of the software company’s stock valued at $1,197,000 after acquiring an additional 83 shares during the last quarter. Keybank National Association OH increased its stake in shares of Adobe by 2.6% in the 3rd quarter. Keybank National Association OH now owns 44,059 shares of the software company’s stock valued at $12,171,000 after acquiring an additional 1,123 shares during the last quarter. Bogart Wealth LLC increased its stake in shares of Adobe by 3.0% in the 3rd quarter. Bogart Wealth LLC now owns 2,422 shares of the software company’s stock valued at $669,000 after acquiring an additional 71 shares during the last quarter. Finally, Covington Capital Management increased its stake in shares of Adobe by 0.7% in the 3rd quarter. Covington Capital Management now owns 5,910 shares of the software company’s stock valued at $1,633,000 after acquiring an additional 43 shares during the last quarter. 85.46% of the stock is owned by institutional investors.

A number of brokerages have recently commented on ADBE. Stifel Nicolaus upped their price target on Adobe from $325.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Argus reissued a “buy” rating and set a $368.00 target price on shares of Adobe in a research note on Monday, December 16th. Royal Bank of Canada increased their target price on Adobe to $345.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. UBS Group reissued a “buy” rating and set a $360.00 target price on shares of Adobe in a research note on Friday, December 13th. Finally, Nomura increased their target price on Adobe from $310.00 to $318.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $336.28.

NASDAQ:ADBE opened at $374.84 on Friday. Adobe Inc has a twelve month low of $249.10 and a twelve month high of $377.71. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average price of $347.05 and a two-hundred day moving average price of $304.07. The company has a market cap of $178.39 billion, a P/E ratio of 62.47, a price-to-earnings-growth ratio of 2.84 and a beta of 1.09.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. Adobe had a return on equity of 31.47% and a net margin of 26.42%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the firm posted $1.83 EPS. The business’s revenue was up 21.4% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc will post 8.02 earnings per share for the current fiscal year.

In other news, EVP Donna Morris sold 25,481 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $348.16, for a total value of $8,871,464.96. Following the completion of the sale, the executive vice president now owns 89,690 shares of the company’s stock, valued at approximately $31,226,470.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles M. Geschke sold 16,764 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $332.00, for a total value of $5,565,648.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,793 shares of company stock valued at $21,169,089. Insiders own 0.32% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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