Private Wealth Partners LLC Sells 11,663 Shares of Adobe Inc. (NASDAQ:ADBE)

Private Wealth Partners LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 20.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,712 shares of the software company’s stock after selling 11,663 shares during the quarter. Adobe comprises 1.9% of Private Wealth Partners LLC’s holdings, making the stock its 16th largest holding. Private Wealth Partners LLC’s holdings in Adobe were worth $25,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Steph & Co. raised its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. International Assets Investment Management LLC grew its stake in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC raised its holdings in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the last quarter. Eagle Asset Management Inc. raised its holdings in Adobe by 14.7% during the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after purchasing an additional 3,120 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its holdings in Adobe by 0.8% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 577,685 shares of the software company’s stock worth $327,281,000 after purchasing an additional 4,590 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Thursday, August 1st. TD Cowen reduced their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, Oppenheimer lifted their target price on Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.86.

Adobe Price Performance

NASDAQ:ADBE opened at $580.38 on Thursday. The firm’s fifty day moving average is $554.26 and its two-hundred day moving average is $519.89. 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 firm has a market cap of $257.34 billion, a price-to-earnings ratio of 52.15, a PEG ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the firm earned $3.04 EPS. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

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.