1776 Wealth LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

1776 Wealth LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,378 shares of the software company’s stock after selling 303 shares during the quarter. Adobe comprises about 7.5% of 1776 Wealth LLC’s holdings, making the stock its 3rd biggest holding. 1776 Wealth LLC’s holdings in Adobe were worth $16,765,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Hemenway Trust Co LLC lifted its holdings in shares of Adobe by 53.1% during the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the last quarter. Crestwood Advisors Group LLC grew its stake in shares of Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after buying an additional 1,464 shares during the last quarter. Anchor Investment Management LLC grew its stake in shares of Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares during the last quarter. Finally, Fairscale Capital LLC bought a new position in Adobe during the 2nd quarter valued at approximately $1,318,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % 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, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Sanford C. Bernstein lowered their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

NASDAQ:ADBE traded down $26.50 during trading hours on Friday, hitting $503.37. 4,612,417 shares of the stock traded hands, compared to its average volume of 3,172,124. The stock has a 50 day moving average price of $509.79 and a 200 day moving average price of $517.96. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS 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.