Adobe Inc. (NASDAQ:ADBE) Shares Sold by Great Waters Wealth Management

Great Waters Wealth Management reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 10.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 528 shares of the software company’s stock after selling 63 shares during the quarter. Great Waters Wealth Management’s holdings in Adobe were worth $235,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADBE. Westwood Holdings Group Inc. boosted its holdings in shares of Adobe by 26.5% in the 2nd quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock valued at $5,159,000 after purchasing an additional 1,948 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Adobe by 333.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock valued at $3,947,000 after purchasing an additional 5,465 shares during the period. Commonwealth Financial Services LLC grew its stake in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares in the last quarter. HighVista Strategies LLC acquired a new stake in Adobe during the 2nd quarter valued at approximately $1,722,000. Finally, Harmony Asset Management LLC increased its stake in shares of Adobe by 1.6% in the second quarter. Harmony Asset Management LLC now owns 6,548 shares of the software company’s stock worth $3,638,000 after buying an additional 100 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on 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 sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.7 %

Shares of Adobe stock opened at $429.99 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $187.17 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 2.08 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The stock has a 50-day simple moving average of $475.06 and a 200-day simple moving average of $511.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADBE. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada reduced their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

About Adobe

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.