HighMark Wealth Management LLC Sells 199 Shares of Adobe Inc. (NASDAQ:ADBE)

HighMark Wealth Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 69.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87 shares of the software company’s stock after selling 199 shares during the period. HighMark Wealth Management LLC’s holdings in Adobe were worth $39,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB raised its position in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares in the last quarter. Vest Financial LLC lifted its position in shares of Adobe by 217.2% in the 3rd quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock worth $1,181,000 after purchasing an additional 1,562 shares during the period. Compass Ion Advisors LLC purchased a new position in Adobe during the third quarter valued at approximately $285,000. Godsey & Gibb Inc. boosted its position in Adobe by 9.2% during the 3rd quarter. Godsey & Gibb Inc. now owns 284 shares of the software company’s stock valued at $147,000 after acquiring an additional 24 shares in the last quarter. Finally, Violich Capital Management Inc. increased its holdings in shares of Adobe by 0.5% in the 3rd quarter. Violich Capital Management Inc. now owns 4,776 shares of the software company’s stock valued at $2,473,000 after acquiring an additional 25 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on ADBE. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets decreased their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group decreased their price target 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. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One equities research 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

Shares of Adobe stock opened at $460.16 on Tuesday. The firm’s 50-day simple moving average is $446.56 and its 200-day simple moving average is $496.20. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $607.32. The firm has a market cap of $200.31 billion, a PE ratio of 37.11, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

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.