Riversedge Advisors LLC Has $206,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Riversedge Advisors LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 35.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 370 shares of the software company’s stock after selling 201 shares during the quarter. Riversedge Advisors LLC’s holdings in Adobe were worth $206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC bought a new position in shares of Adobe in the 4th quarter valued at approximately $1,468,000. GUNN & Co INVESTMENT MANAGEMENT INC. bought a new position in shares of Adobe in the 4th quarter valued at approximately $635,000. Valmark Advisers Inc. bought a new position in shares of Adobe in the 4th quarter valued at approximately $996,000. Transcend Capital Advisors LLC raised its stake in shares of Adobe by 6.0% in the 4th quarter. Transcend Capital Advisors LLC now owns 2,871 shares of the software company’s stock valued at $1,713,000 after acquiring an additional 162 shares in the last quarter. Finally, Principle Wealth Partners LLC raised its stake in shares of Adobe by 0.7% in the 4th quarter. Principle Wealth Partners LLC now owns 3,650 shares of the software company’s stock valued at $2,178,000 after acquiring an additional 27 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company lifted their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Finally, Piper Sandler dropped their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Price Performance

ADBE stock traded down $7.28 during trading on Wednesday, hitting $560.54. The company had a trading volume of 1,286,992 shares, compared to its average volume of 3,216,476. The company has a fifty day moving average price of $547.81 and a two-hundred day moving average price of $519.27. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $248.54 billion, a P/E ratio of 50.36, 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.04 earnings per share. Equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

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.