WP Advisors LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

WP Advisors LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 22.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,030 shares of the software company’s stock after selling 580 shares during the quarter. WP Advisors LLC’s holdings in Adobe were worth $1,051,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Holistic Financial Partners increased its holdings in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares in the last quarter. Aviso Wealth Management increased its stake in Adobe by 54.8% during the 3rd quarter. Aviso Wealth Management now owns 754 shares of the software company’s stock valued at $390,000 after purchasing an additional 267 shares in the last quarter. Quest Partners LLC increased its stake in Adobe by 322.1% during the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock valued at $1,285,000 after purchasing an additional 1,894 shares in the last quarter. Aljian Capital Management LLC purchased a new position in shares of Adobe in the third quarter worth $1,126,000. Finally, Glass Wealth Management Co LLC raised its holdings in shares of Adobe by 5.3% in the third quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock worth $2,928,000 after buying an additional 283 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 5.0 %

Shares of Adobe stock opened at $503.37 on Monday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm’s 50-day moving average price is $509.79 and its 200 day moving average price is $518.69. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.