Coldstream Capital Management Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Coldstream Capital Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,797 shares of the software company’s stock after selling 38 shares during the period. Coldstream Capital Management Inc.’s holdings in Adobe were worth $4,887,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. International Assets Investment Management LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $1,468,000. Concentrum Wealth Management increased its stake in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the period. Aveo Capital Partners LLC increased its stake in shares of Adobe by 5.9% during the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after buying an additional 52 shares during the period. Gryphon Financial Partners LLC increased its stake in shares of Adobe by 22.7% during the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after buying an additional 658 shares during the period. Finally, AGF Management Ltd. increased its stake in shares of Adobe by 0.4% during the fourth quarter. AGF Management Ltd. now owns 8,182 shares of the software company’s stock valued at $4,881,000 after buying an additional 34 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.6 %

Adobe stock opened at $573.46 on Tuesday. The stock has a market cap of $254.27 billion, a PE ratio of 51.20, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a fifty day moving average of $553.92 and a 200 day moving average of $519.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.04 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Citigroup reduced their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Oppenheimer upped their price target on Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, BMO Capital Markets upped their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

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.