Waldron Private Wealth LLC Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Waldron Private Wealth LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,450 shares of the software company’s stock after selling 39 shares during the quarter. Waldron Private Wealth LLC’s holdings in Adobe were worth $2,822,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Northwest Investment Counselors LLC acquired a new stake in Adobe during the 1st quarter valued at $63,000. Capital Advisors Wealth Management LLC lifted its position in shares of Adobe by 8.7% in the first quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock valued at $341,000 after acquiring an additional 54 shares in the last quarter. Fermata Advisors LLC boosted its stake in shares of Adobe by 75.7% during the first quarter. Fermata Advisors LLC now owns 715 shares of the software company’s stock valued at $361,000 after acquiring an additional 308 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position in Adobe by 8.9% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 10,342 shares of the software company’s stock worth $5,219,000 after purchasing an additional 843 shares in the last quarter. Finally, Shorepath Capital Management LLC lifted its holdings in Adobe by 25.8% in the 1st quarter. Shorepath Capital Management LLC now owns 7,369 shares of the software company’s stock valued at $3,718,000 after purchasing an additional 1,509 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Finally, Citigroup upped their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of Adobe stock traded down $4.95 during trading hours on Tuesday, reaching $492.76. The company’s stock had a trading volume of 1,641,234 shares, compared to its average volume of 3,201,386. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company’s 50 day simple moving average is $534.79 and its 200 day simple moving average is $515.99. The stock has a market cap of $218.49 billion, a P/E ratio of 44.39, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

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

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 481 shares of the firm’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 $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,608 shares of company stock worth $17,486,391 in the last three months. 0.15% of the stock is owned by insiders.

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.