Adobe Inc. (NASDAQ:ADBE) Shares Sold by SMART Wealth LLC

SMART Wealth LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 17.1% in the 3rd quarter, Holdings Channel reports. The firm owned 631 shares of the software company’s stock after selling 130 shares during the period. SMART Wealth LLC’s holdings in Adobe were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. 1ST Source Bank raised its position in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. DGS Capital Management LLC lifted its stake in Adobe by 1.8% during the third quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after buying an additional 42 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Adobe in the third quarter worth about $14,622,000. Inspire Trust Co. N.A. increased its position in shares of Adobe by 9.1% in the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after acquiring an additional 475 shares in the last quarter. Finally, American Trust acquired a new stake in shares of Adobe during the third quarter valued at approximately $1,057,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ADBE shares. Deutsche Bank Aktiengesellschaft lowered 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. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada dropped their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $584.88.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,793 shares of company stock worth $18,069,669 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $465.69 on Monday. The company’s fifty day moving average is $505.16 and its two-hundred day moving average is $523.59. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $205.00 billion, a price-to-earnings ratio of 37.56, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

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.