Accretive Wealth Partners LLC Sells 104 Shares of Adobe Inc. (NASDAQ:ADBE)

Accretive Wealth Partners LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 5.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,918 shares of the software company’s stock after selling 104 shares during the period. Accretive Wealth Partners LLC’s holdings in Adobe were worth $993,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ADBE. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the 3rd quarter valued at $30,000. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter worth $33,000. Briaud Financial Planning Inc acquired a new position in Adobe in the third quarter valued at about $36,000. Finally, Highline Wealth Partners LLC bought a new stake in Adobe during the third quarter worth about $38,000. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

ADBE stock opened at $504.47 on Friday. The firm has a 50 day moving average of $503.63 and a 200-day moving average of $518.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $222.07 billion, a P/E ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.26 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 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.