B. Riley Wealth Advisors Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

B. Riley Wealth Advisors Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 20.9% in the 3rd quarter, Holdings Channel reports. The fund owned 11,549 shares of the software company’s stock after selling 3,051 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Adobe were worth $5,923,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADBE. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment increased its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter worth $30,000. Finally, True Wealth Design LLC boosted its position in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last three months, insiders sold 34,793 shares of company stock valued at $18,069,669. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $465.69 on Friday. The business’s 50-day moving average is $505.16 and its two-hundred day moving average is $523.26. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $205.00 billion, a P/E ratio of 37.56, a P/E/G ratio of 2.51 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 earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company earned $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $584.88.

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.