Adobe Inc. (NASDAQ:ADBE) Stake Lowered by Addison Advisors LLC

Addison Advisors LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 22.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 197 shares of the software company’s stock after selling 58 shares during the quarter. Addison Advisors LLC’s holdings in Adobe were worth $88,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Legacy Investment Solutions LLC bought a new position in Adobe during the 3rd quarter valued at $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in Adobe during the 4th quarter valued at $31,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADBE. Mizuho cut their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 price objective on shares of Adobe in a research report on Thursday, February 13th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given 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 presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on 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 $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Trading Down 0.2 %

NASDAQ ADBE opened at $443.41 on Wednesday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $193.02 billion, a PE ratio of 35.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The firm’s fifty day simple moving average is $439.88 and its 200-day simple moving average is $492.62.

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