Premier Path Wealth Partners LLC Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Premier Path Wealth Partners LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 24.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,761 shares of the software company’s stock after selling 574 shares during the period. Premier Path Wealth Partners LLC’s holdings in Adobe were worth $978,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ADBE. Vanguard Group Inc. increased its holdings in shares of Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at about $3,277,785,000. Fisher Asset Management LLC grew its holdings in shares of Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after purchasing an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Adobe by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after purchasing an additional 66,180 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Piper Sandler dropped their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Thursday, August 1st. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Finally, Robert W. Baird lifted their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Up 0.2 %

Shares of ADBE stock traded up $0.86 on Friday, hitting $558.30. The company’s stock had a trading volume of 2,023,465 shares, compared to its average volume of 3,250,660. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market capitalization of $247.55 billion, a price-to-earnings ratio of 50.16, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s fifty day moving average price is $546.08 and its 200-day moving average price is $521.35.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. 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 company posted $3.04 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. Research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a document filed 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 that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

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.