Adobe Inc. (NASDAQ:ADBE) Shares Sold by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 18.3% in the fourth quarter, HoldingsChannel reports. The fund owned 8,376 shares of the software company’s stock after selling 1,877 shares during the quarter. Soltis Investment Advisors LLC’s holdings in Adobe were worth $3,725,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. CRA Financial Services LLC boosted its stake in Adobe by 5.7% during the 3rd quarter. CRA Financial Services LLC now owns 534 shares of the software company’s stock valued at $277,000 after purchasing an additional 29 shares in the last quarter. Montis Financial LLC acquired a new stake in shares of Adobe in the third quarter valued at $362,000. Annex Advisory Services LLC boosted its stake in Adobe by 9.2% during the third quarter. Annex Advisory Services LLC now owns 34,487 shares of the software company’s stock valued at $17,857,000 after buying an additional 2,892 shares in the last quarter. City State Bank grew its holdings in Adobe by 6.7% during the third quarter. City State Bank now owns 874 shares of the software company’s stock worth $453,000 after acquiring an additional 55 shares during the period. Finally, Compton Wealth Advisory Group LLC raised its position in Adobe by 4.9% in the third quarter. Compton Wealth Advisory Group LLC now owns 5,267 shares of the software company’s stock worth $2,727,000 after acquiring an additional 247 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 0.5 %

Shares of ADBE opened at $433.07 on Monday. The stock’s 50-day moving average price is $453.92 and its 200 day moving average price is $499.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $628.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business earned $3.52 earnings per share. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last quarter. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein cut their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Royal Bank of Canada decreased their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.