Prosperity Consulting Group LLC Sells 492 Shares of Adobe Inc. (NASDAQ:ADBE)

Prosperity Consulting Group LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 44.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 613 shares of the software company’s stock after selling 492 shares during the period. Prosperity Consulting Group LLC’s holdings in Adobe were worth $341,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $3,277,785,000. Wellington Management Group LLP increased its holdings in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Swedbank AB bought a new stake in Adobe during the 1st quarter worth approximately $621,179,000. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP increased its holdings in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Friday. Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $608.83.

Adobe Stock Down 8.5 %

Shares of Adobe stock opened at $536.87 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50-day moving average of $553.76 and a 200 day moving average of $519.96. The firm has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $3.26 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe 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.