Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wealth Advisory Solutions LLC

Wealth Advisory Solutions LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 4.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,724 shares of the software company’s stock after selling 378 shares during the quarter. Adobe accounts for about 1.2% of Wealth Advisory Solutions LLC’s holdings, making the stock its 24th biggest holding. Wealth Advisory Solutions LLC’s holdings in Adobe were worth $4,517,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Steph & Co. raised its holdings in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Anchor Investment Management LLC raised its holdings in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares in the last quarter. Choreo LLC raised its holdings in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares in the last quarter. Finally, Fairscale Capital LLC acquired a new stake in Adobe during the second quarter worth approximately $1,318,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction 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 $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock worth $17,486,391 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $0.80 during trading on Monday, hitting $495.70. 397,632 shares of the company were exchanged, compared to its average volume of 3,202,946. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s fifty day moving average price is $535.45 and its 200 day moving average price is $515.91. The company has a market cap of $219.79 billion, a price-to-earnings ratio of 44.66, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.8 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.