SVB Wealth LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

SVB Wealth LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 18.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,797 shares of the software company’s stock after selling 4,627 shares during the quarter. SVB Wealth LLC’s holdings in Adobe were worth $10,998,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its stake in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the second quarter valued at $33,000. Steph & Co. boosted its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the second quarter valued at $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. KeyCorp increased their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. Finally, Piper Sandler decreased their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $605.52.

Adobe Price Performance

Shares of ADBE traded down $4.52 during midday trading on Friday, reaching $563.41. The stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm’s 50 day moving average price is $553.72 and its 200-day moving average price is $519.38. The company has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.04 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.69 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.