Salvus Wealth Management LLC Has $539,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Salvus Wealth Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.7% during the fourth quarter, HoldingsChannel reports. The firm owned 1,213 shares of the software company’s stock after acquiring an additional 32 shares during the quarter. Salvus Wealth Management LLC’s holdings in Adobe were worth $539,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fermata Advisors LLC boosted its stake in Adobe by 44.3% in the fourth quarter. Fermata Advisors LLC now owns 1,364 shares of the software company’s stock valued at $607,000 after buying an additional 419 shares in the last quarter. Cypress Wealth Services LLC lifted its holdings in shares of Adobe by 14.1% in the fourth quarter. Cypress Wealth Services LLC now owns 560 shares of the software company’s stock worth $249,000 after acquiring an additional 69 shares during the last quarter. JGP Wealth Management LLC boosted its stake in shares of Adobe by 4.4% in the 4th quarter. JGP Wealth Management LLC now owns 1,859 shares of the software company’s stock valued at $827,000 after purchasing an additional 79 shares in the last quarter. Mirador Capital Partners LP acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $1,228,000. Finally, West Coast Financial LLC acquired a new position in Adobe during the 4th quarter worth approximately $8,052,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock valued at $893,665 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

Shares of ADBE opened at $426.93 on Friday. The firm has a market cap of $185.84 billion, a PE ratio of 34.43, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The business’s 50 day moving average price is $479.32 and its two-hundred day moving average price is $514.33. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 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 (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.