Diversify Advisory Services LLC Has $2.21 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Diversify Advisory Services LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 50.5% during the 4th quarter, Holdings Channel reports. The fund owned 5,454 shares of the software company’s stock after selling 5,556 shares during the quarter. Diversify Advisory Services LLC’s holdings in Adobe were worth $2,214,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ADBE. Commonwealth Financial Services LLC boosted its stake in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares in the last quarter. Onyx Bridge Wealth Group LLC lifted its position in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares in the last quarter. Connable Office Inc. grew its holdings in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares during the last quarter. 1ST Source Bank increased its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares in the last quarter. Finally, Sfmg LLC lifted its position in shares of Adobe by 3.1% during the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after purchasing an additional 21 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.7 %

Shares of NASDAQ:ADBE opened at $429.99 on Monday. The firm has a market cap of $189.28 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company’s fifty day simple moving average is $476.55 and its 200 day simple moving average is $512.44. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. 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. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on ADBE shares. BMO Capital Markets lowered their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Stifel Nicolaus cut their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.