Elevation Wealth Partners LLC Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Elevation Wealth Partners LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 17.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 679 shares of the software company’s stock after selling 140 shares during the period. Elevation Wealth Partners LLC’s holdings in Adobe were worth $302,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADBE. Wingate Wealth Advisors Inc. acquired a new position in shares of Adobe in the fourth quarter worth about $113,000. Savant Capital LLC grew its stake in Adobe by 91.2% during the 4th quarter. Savant Capital LLC now owns 15,294 shares of the software company’s stock valued at $6,801,000 after purchasing an additional 7,293 shares in the last quarter. Harbour Trust & Investment Management Co raised its position in shares of Adobe by 4.7% in the 4th quarter. Harbour Trust & Investment Management Co now owns 20,952 shares of the software company’s stock valued at $9,317,000 after purchasing an additional 939 shares in the last quarter. V2 Financial group LLC boosted its stake in shares of Adobe by 9.1% during the 4th quarter. V2 Financial group LLC now owns 1,740 shares of the software company’s stock valued at $774,000 after buying an additional 145 shares during the last quarter. Finally, Stiles Financial Services Inc grew its position in shares of Adobe by 8.8% during the fourth quarter. Stiles Financial Services Inc now owns 4,715 shares of the software company’s stock worth $2,096,000 after buying an additional 380 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.5 %

ADBE opened at $433.07 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31. The stock’s fifty day moving average is $453.92 and its 200-day moving average is $499.31. Adobe Inc. has a one year low of $403.75 and a one year high of $628.07.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADBE shares. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Bank of America cut their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

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.