Fifth Third Wealth Advisors LLC Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Fifth Third Wealth Advisors LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 0.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 10,421 shares of the software company’s stock after selling 39 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Adobe were worth $4,634,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. CCLA Investment Management grew its stake in shares of Adobe by 4.9% during the fourth quarter. CCLA Investment Management now owns 268,886 shares of the software company’s stock worth $119,562,000 after purchasing an additional 12,438 shares in the last quarter. Peoples Financial Services CORP. grew its holdings in shares of Adobe by 3.6% during the fourth quarter. Peoples Financial Services CORP. now owns 3,451 shares of the software company’s stock worth $1,535,000 after purchasing an additional 121 shares during the last quarter. Crestmont Private Wealth LLC increased its position in shares of Adobe by 7.7% during the fourth quarter. Crestmont Private Wealth LLC now owns 990 shares of the software company’s stock worth $440,000 after purchasing an additional 71 shares in the last quarter. Pines Wealth Management LLC purchased a new stake in shares of Adobe in the 4th quarter valued at about $768,000. Finally, Accurate Wealth Management LLC grew its stake in Adobe by 168.6% during the 4th quarter. Accurate Wealth Management LLC now owns 1,982 shares of the software company’s stock worth $805,000 after buying an additional 1,244 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ADBE shares. 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. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Citigroup decreased their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $575.85.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now 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. Insiders sold a total of 1,763 shares of company stock valued at $893,665 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $412.71 on Wednesday. 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 business’s fifty day moving average price is $481.07 and its two-hundred day moving average price is $515.02. The stock has a market cap of $181.67 billion, a PE ratio of 33.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.52 EPS. On average, analysts forecast that Adobe Inc. will post 16.73 EPS 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.