Adobe Inc. (NASDAQ:ADBE) Shares Sold by Avaii Wealth Management LLC

Avaii Wealth Management LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 6.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 777 shares of the software company’s stock after selling 52 shares during the period. Avaii Wealth Management LLC’s holdings in Adobe were worth $345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of ADBE. Nordea Investment Management AB grew its holdings in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board lifted its position in Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the period. GAMMA Investing LLC grew its stake in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its stake in shares of Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $435.38 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $468.14 and a two-hundred day simple moving average of $508.06. The stock has a market capitalization of $189.52 billion, a P/E ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

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

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were 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 approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ADBE has been the topic of several research reports. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 20th. Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, BMO Capital Markets decreased their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.