Avitas Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Avitas Wealth Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 0.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,229 shares of the software company’s stock after buying an additional 39 shares during the quarter. Avitas Wealth Management LLC’s holdings in Adobe were worth $2,770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in Adobe during the 3rd quarter worth $26,000. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the third quarter worth about $30,000. True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Finally, Briaud Financial Planning Inc purchased a new position in shares of Adobe during the third quarter worth about $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on ADBE. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

NASDAQ ADBE opened at $440.23 on Wednesday. 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 fifty-two week low of $403.75 and a fifty-two week high of $634.59. The business has a fifty day moving average of $460.36 and a 200-day moving average of $502.16. The stock has a market cap of $191.63 billion, a price-to-earnings ratio of 35.50, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 EPS. As a group, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

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.