Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wedmont Private Capital

Wedmont Private Capital reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,320 shares of the software company’s stock after selling 44 shares during the quarter. Wedmont Private Capital’s holdings in Adobe were worth $2,160,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Longview Partners Guernsey LTD purchased a new position in Adobe during the second quarter valued at $663,745,000. FMR LLC grew its position in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after purchasing an additional 491,627 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in shares of Adobe during the 3rd quarter worth about $126,703,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE traded up $1.81 during midday trading on Monday, reaching $407.73. The stock had a trading volume of 2,333,332 shares, compared to its average volume of 3,939,353. The stock has a market cap of $179.48 billion, a P/E ratio of 32.88, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The firm has a fifty day simple moving average of $484.01 and a two-hundred day simple moving average of $517.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the firm earned $3.52 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock worth $1,679,809 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.