Veracity Capital LLC Sells 36 Shares of Adobe Inc. (NASDAQ:ADBE)

Veracity Capital LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the first quarter, HoldingsChannel reports. The fund owned 1,109 shares of the software company’s stock after selling 36 shares during the quarter. Veracity Capital LLC’s holdings in Adobe were worth $425,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Copia Wealth Management bought a new position in shares of Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC bought a new position in shares of Adobe in the fourth quarter worth about $28,000. Summit Securities Group LLC bought a new position in shares of Adobe in the fourth quarter worth about $31,000. Caitlin John LLC grew its holdings in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe in the fourth quarter worth about $36,000. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on ADBE. Robert W. Baird cut their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Stifel Nicolaus lowered their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Evercore ISI lowered their price objective 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. BMO Capital Markets lowered their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, DA Davidson lowered their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Eleven research 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Adobe Stock Performance

ADBE stock opened at $412.49 on Wednesday. The firm has a market cap of $175.80 billion, a price-to-earnings ratio of 33.27, a PEG ratio of 2.15 and a beta of 1.55. The firm has a 50-day simple moving average of $379.54 and a two-hundred day simple moving average of $426.47. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Insider Activity at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by insiders.

Adobe 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.