Triangle Securities Wealth Management Has $1.87 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Triangle Securities Wealth Management reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,193 shares of the software company’s stock after selling 129 shares during the quarter. Triangle Securities Wealth Management’s holdings in Adobe were worth $1,865,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Commonwealth Financial Services LLC increased its holdings in shares of 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 purchasing an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC boosted its holdings in Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. grew its position in shares of Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares in the last quarter. 1ST Source Bank increased its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. Finally, Sfmg LLC boosted its stake in shares of Adobe by 3.1% in the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after buying an additional 21 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,763 shares of company stock valued at $893,665. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.7 %

Adobe stock opened at $429.99 on Friday. The firm has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The firm’s fifty day moving average price is $476.55 and its two-hundred day moving average price is $512.82. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on ADBE shares. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Mizuho lowered their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.