Net Worth Advisory Group Has $1.54 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Net Worth Advisory Group cut its position in Adobe Inc. (NASDAQ:ADBE) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,452 shares of the software company’s stock after selling 130 shares during the period. Net Worth Advisory Group’s holdings in Adobe were worth $1,535,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Swedbank AB boosted its stake in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. United Bank boosted its stake in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Assetmark Inc. boosted its stake in Adobe by 2.6% during the 3rd quarter. Assetmark Inc. now owns 20,323 shares of the software company’s stock valued at $10,523,000 after purchasing an additional 520 shares during the last quarter. Sigma Planning Corp boosted its stake in Adobe by 7.5% during the 3rd quarter. Sigma Planning Corp now owns 4,873 shares of the software company’s stock valued at $2,523,000 after purchasing an additional 339 shares during the last quarter. Finally, Baker Avenue Asset Management LP boosted its stake in Adobe by 18.4% during the 3rd quarter. Baker Avenue Asset Management LP now owns 915 shares of the software company’s stock valued at $474,000 after purchasing an additional 142 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup cut their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets set a $515.00 target price on Adobe and gave the stock an “outperform” rating in a research note on Friday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued 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 $563.96.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 3.2 %

Shares of ADBE stock opened at $435.08 on Tuesday. The company’s fifty day simple moving average is $439.35 and its two-hundred day simple moving average is $485.74. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The stock has a market capitalization of $189.44 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 2.15 and a beta of 1.37.

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

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.