Adobe Inc. (NASDAQ:ADBE) Shares Sold by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 6.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,351 shares of the software company’s stock after selling 155 shares during the period. EverSource Wealth Advisors LLC’s holdings in Adobe were worth $1,045,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Sequoia Financial Advisors LLC lifted its stake in shares of Adobe by 0.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 8,211 shares of the software company’s stock worth $3,651,000 after acquiring an additional 54 shares during the period. Summit X LLC lifted its stake in shares of Adobe by 27.1% in the 4th quarter. Summit X LLC now owns 911 shares of the software company’s stock worth $404,000 after acquiring an additional 194 shares during the period. HighTower Advisors LLC lifted its stake in shares of Adobe by 4.4% in the 4th quarter. HighTower Advisors LLC now owns 294,455 shares of the software company’s stock worth $130,938,000 after acquiring an additional 12,410 shares during the period. Moors & Cabot Inc. lifted its stake in shares of Adobe by 4.3% in the 4th quarter. Moors & Cabot Inc. now owns 3,704 shares of the software company’s stock worth $1,647,000 after acquiring an additional 154 shares during the period. Finally, Prosperity Financial Group Inc. lifted its stake in shares of Adobe by 14.1% in the 4th quarter. Prosperity Financial Group Inc. now owns 961 shares of the software company’s stock worth $427,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Adobe stock opened at $377.84 on Friday. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The firm has a 50 day moving average price of $437.74 and a 200 day moving average price of $483.80. The company has a market cap of $164.51 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently commented on ADBE shares. Barclays reduced their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday. Evercore ISI reduced their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday. Morgan Stanley reduced their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $539.46.

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.