Syon Capital LLC Sells 1,231 Shares of Adobe Inc. (NASDAQ:ADBE)

Syon Capital LLC cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,140 shares of the software company's stock after selling 1,231 shares during the quarter. Syon Capital LLC's holdings in Adobe were worth $1,396,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the fourth quarter worth approximately $31,000. Summit Securities Group LLC acquired a new position in Adobe in the 4th quarter valued at $31,000. Caitlin John LLC increased its position in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the period. Avion Wealth lifted its holdings in shares of Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after buying an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its position in shares of Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. Wells Fargo & Company cut their price objective on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a report on Tuesday. Piper Sandler cut 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. UBS Group lowered their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, DA Davidson decreased their price target on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company's stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company's stock.

Adobe Stock Performance

NASDAQ ADBE opened at $351.96 on Thursday. The company has a market capitalization of $150.01 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The stock has a fifty day simple moving average of $396.80 and a 200 day simple moving average of $447.18.

Adobe (NASDAQ:ADBE - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.

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