Kingswood Wealth Advisors LLC Sells 943 Shares of Adobe Inc. (NASDAQ:ADBE)

Kingswood Wealth Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 17.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,411 shares of the software company’s stock after selling 943 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Adobe were worth $2,226,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in Adobe during the fourth quarter worth $3,277,785,000. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new position in Adobe during the fourth quarter worth about $875,592,000. Price T Rowe Associates Inc. MD increased its position in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares during the last quarter. Finally, Putnam Investments LLC raised its stake in Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after buying an additional 307,479 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,270 shares of company stock worth $1,563,166. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock traded up $1.78 during mid-day trading on Wednesday, reaching $528.66. The company had a trading volume of 2,931,138 shares, compared to its average volume of 3,568,557. The business has a fifty day simple moving average of $480.67 and a 200 day simple moving average of $536.04. The company has a market cap of $236.84 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.75 and a beta of 1.27. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the business posted $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADBE shares. TD Cowen decreased their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Citigroup reduced their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. DA Davidson reissued a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. KeyCorp upped their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $607.67.

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.