Avantax Advisory Services Inc. Sells 1,778 Shares of Adobe Inc. (NASDAQ:ADBE)

Avantax Advisory Services Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 6.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 25,369 shares of the software company’s stock after selling 1,778 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Adobe were worth $11,281,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Proficio Capital Partners LLC lifted its position in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. FMR LLC increased its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Adobe during the 4th quarter worth about $243,827,000. Assenagon Asset Management S.A. boosted its stake in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after buying an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe during the 4th quarter worth about $110,744,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $563.96.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $438.60 on Thursday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company’s 50 day moving average price is $439.01 and its two-hundred day moving average price is $484.54. The firm has a market cap of $190.97 billion, a PE ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the business posted $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on 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 owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.15% of the company’s stock.

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.