Ritholtz Wealth Management Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Ritholtz Wealth Management decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,200 shares of the software company’s stock after selling 951 shares during the period. Ritholtz Wealth Management’s holdings in Adobe were worth $8,906,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Covea Finance increased its stake in Adobe by 7.7% during the third quarter. Covea Finance now owns 73,889 shares of the software company’s stock worth $38,258,000 after acquiring an additional 5,300 shares during the last quarter. Guinness Atkinson Asset Management Inc increased its position in shares of Adobe by 30.4% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 12,577 shares of the software company’s stock worth $6,512,000 after purchasing an additional 2,930 shares during the last quarter. Guinness Asset Management LTD raised its holdings in Adobe by 28.6% in the 3rd quarter. Guinness Asset Management LTD now owns 65,474 shares of the software company’s stock valued at $33,898,000 after buying an additional 14,550 shares during the period. Asio Capital LLC lifted its position in Adobe by 4.0% in the third quarter. Asio Capital LLC now owns 10,642 shares of the software company’s stock valued at $5,510,000 after buying an additional 410 shares during the last quarter. Finally, First Affirmative Financial Network boosted its stake in Adobe by 2.5% during the third quarter. First Affirmative Financial Network now owns 2,070 shares of the software company’s stock worth $1,072,000 after buying an additional 51 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on ADBE shares. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Finally, Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Adobe 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

NASDAQ ADBE traded down $8.15 on Friday, reaching $495.42. The stock had a trading volume of 2,992,409 shares, compared to its average volume of 3,229,145. The business’s 50-day moving average price is $537.29 and its 200 day moving average price is $515.75. The stock has a market cap of $218.08 billion, a P/E ratio of 41.84, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. 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 (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business earned $3.26 EPS. The business’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Adobe Company 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.