Legacy Wealth Asset Management LLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Legacy Wealth Asset Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,779 shares of the software company’s stock after selling 45 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Adobe were worth $1,680,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Mirador Capital Partners LP purchased a new stake in shares of Adobe during the fourth quarter worth about $1,228,000. West Coast Financial LLC bought a new position in Adobe during the 4th quarter valued at approximately $8,052,000. Hennion & Walsh Asset Management Inc. lifted its holdings in Adobe by 7.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 12,118 shares of the software company’s stock worth $5,389,000 after buying an additional 817 shares during the period. Mason & Associates Inc bought a new stake in shares of Adobe in the 4th quarter worth approximately $300,000. Finally, Winch Advisory Services LLC increased its stake in shares of Adobe by 2.9% during the fourth quarter. Winch Advisory Services LLC now owns 6,215 shares of the software company’s stock valued at $2,764,000 after buying an additional 178 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction 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 directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Royal Bank of Canada cut their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Oppenheimer reduced their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research report on Wednesday. Finally, Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Up 2.3 %

Adobe stock opened at $426.93 on Friday. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The business’s fifty day moving average is $479.32 and its 200 day moving average is $514.33. The stock has a market capitalization of $185.84 billion, a PE ratio of 34.43, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11.

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