IVC Wealth Advisors LLC Sells 295 Shares of Adobe Inc. (NASDAQ:ADBE)

IVC Wealth Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 7.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 3,729 shares of the software company’s stock after selling 295 shares during the period. Adobe makes up about 1.1% of IVC Wealth Advisors LLC’s holdings, making the stock its 19th largest position. IVC Wealth Advisors LLC’s holdings in Adobe were worth $1,931,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC grew its stake in Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. HTLF Bank grew its stake in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC grew its stake in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the period. Orrstown Financial Services Inc. grew its stake in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the period. Finally, Orser Capital Management LLC grew its stake in Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,030 shares of company stock worth $17,176,005. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE opened at $483.72 on Monday. The firm has a market cap of $214.48 billion, a PE ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29. The stock’s fifty day moving average price is $530.03 and its two-hundred day moving average price is $515.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.26 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. Barclays lifted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Finally, Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe 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.