Weatherly Asset Management L. P. Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Weatherly Asset Management L. P. lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 4th quarter, Holdings Channel reports. The firm owned 26,299 shares of the software company’s stock after selling 445 shares during the quarter. Adobe comprises 1.0% of Weatherly Asset Management L. P.’s portfolio, making the stock its 23rd largest holding. Weatherly Asset Management L. P.’s holdings in Adobe were worth $11,695,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Adobe during the 3rd quarter valued at about $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the third quarter worth about $30,000. Finally, True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 4.2 %

NASDAQ:ADBE opened at $451.10 on Tuesday. The firm has a market cap of $196.36 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The stock has a fifty day moving average price of $453.92 and a 200 day moving average price of $499.09. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $626.34. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its 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. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $3.52 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ADBE shares. UBS Group lowered their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.