Sendero Wealth Management LLC Sells 1,085 Shares of Adobe Inc. (NASDAQ:ADBE)

Sendero Wealth Management LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 18.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,685 shares of the software company’s stock after selling 1,085 shares during the period. Sendero Wealth Management LLC’s holdings in Adobe were worth $2,083,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ADBE. Advisors Management Group Inc. ADV bought a new stake in Adobe in the fourth quarter valued at approximately $272,000. Apella Capital LLC increased its position in shares of Adobe by 11.1% in the 4th quarter. Apella Capital LLC now owns 701 shares of the software company’s stock valued at $312,000 after buying an additional 70 shares in the last quarter. M. Kraus & Co acquired a new stake in Adobe during the 4th quarter worth $3,285,000. Acropolis Investment Management LLC bought a new position in Adobe during the fourth quarter worth about $442,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Adobe by 441.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 92 shares of the software company’s stock valued at $41,000 after purchasing an additional 75 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research note on Wednesday. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Royal Bank of Canada decreased their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Oppenheimer cut 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. Finally, DA Davidson decreased their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following 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. Over the last quarter, insiders sold 1,763 shares of company stock valued at $893,665. Company insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.1 %

NASDAQ:ADBE opened at $417.28 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $183.69 billion, a P/E ratio of 33.65, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm has a 50-day simple moving average of $481.07 and a two-hundred day simple moving average of $515.02.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company earned $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. Analysts predict that Adobe Inc. will post 16.73 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.