1858 Wealth Management LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

1858 Wealth Management LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,822 shares of the software company’s stock after selling 92 shares during the period. Adobe comprises 1.2% of 1858 Wealth Management LLC’s portfolio, making the stock its 24th largest holding. 1858 Wealth Management LLC’s holdings in Adobe were worth $1,461,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Steph & Co. lifted its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Northwest Investment Counselors LLC purchased a new stake in Adobe in the first quarter worth approximately $63,000. Worth Asset Management LLC bought a new stake in Adobe in the 1st quarter worth approximately $205,000. Strategic Planning Group LLC raised its stake in Adobe by 24.2% during the 1st quarter. Strategic Planning Group LLC now owns 6,510 shares of the software company’s stock valued at $3,285,000 after buying an additional 1,267 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC lifted its holdings in shares of Adobe by 8.7% during the 1st quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock valued at $341,000 after buying an additional 54 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,608 shares of company stock valued at $17,486,391. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

ADBE traded up $1.11 during trading on Monday, hitting $496.01. 626,853 shares of the company traded hands, compared to its average volume of 3,204,075. The company has a market cap of $219.93 billion, a PE ratio of 44.66, a P/E/G ratio of 2.55 and a beta of 1.29. The stock’s 50-day simple moving average is $535.45 and its two-hundred day simple moving average is $515.91. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.8 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.