Seven Mile Advisory Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Seven Mile Advisory cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 946 shares of the software company’s stock after selling 251 shares during the quarter. Seven Mile Advisory’s holdings in Adobe were worth $421,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ADBE. United Bank boosted its position in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Adobe in the 3rd quarter worth $719,000. Tradition Wealth Management LLC boosted its holdings in shares of Adobe by 2.8% during the 3rd quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company’s stock valued at $1,370,000 after purchasing an additional 73 shares during the last quarter. Semmax Financial Advisors Inc. increased its holdings in shares of Adobe by 9.5% in the third quarter. Semmax Financial Advisors Inc. now owns 5,094 shares of the software company’s stock worth $2,681,000 after purchasing an additional 444 shares during the last quarter. Finally, Plotkin Financial Advisors LLC purchased a new stake in shares of Adobe in the third quarter worth about $316,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ADBE. BMO Capital Markets reduced their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Finally, Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Down 2.6 %

Shares of ADBE opened at $385.71 on Monday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a market capitalization of $164.39 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. The stock’s 50-day moving average price is $431.81 and its 200-day moving average price is $468.92. 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 (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (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 analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the business posted $4.48 EPS. On average, sell-side analysts predict 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.