Icon Wealth Advisors LLC Has $3.47 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Icon Wealth Advisors LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 31.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,885 shares of the software company’s stock after selling 3,160 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Adobe were worth $3,474,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the 4th quarter valued at approximately $35,000. Steph & Co. increased its position in Adobe by 63.8% in 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. Finally, Vima LLC acquired a new position in Adobe in the 4th quarter valued at approximately $55,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of ADBE stock traded up $2.10 on Tuesday, reaching $538.71. The company’s stock had a trading volume of 1,564,470 shares, compared to its average volume of 3,405,702. The stock’s fifty day simple moving average is $519.07 and its 200-day simple moving average is $529.12. 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 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $238.86 billion, a price-to-earnings ratio of 48.40, a price-to-earnings-growth ratio of 2.83 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the firm earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Oppenheimer restated an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. TD Cowen decreased their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Robert W. Baird increased their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Finally, KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $603.33.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,713 shares of the business’s 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 sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,236 shares of company stock worth $16,281,053. 0.15% of the stock is owned by corporate insiders.

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.