SMART Wealth LLC Sells 130 Shares of Adobe Inc. (NASDAQ:ADBE)

SMART Wealth LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 17.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 631 shares of the software company’s stock after selling 130 shares during the period. SMART Wealth LLC’s holdings in Adobe were worth $327,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Onyx Bridge Wealth Group LLC increased its position in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank raised its holdings in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC grew its holdings in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares in the last quarter. Connable Office Inc. lifted its stake in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares in the last quarter. Finally, 1ST Source Bank grew its holdings in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ADBE. Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday. Barclays decreased 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. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and dropped their price target for the company from $625.00 to $550.00 in a research report on Thursday. Finally, Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $584.88.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,793 shares of company stock valued at $18,069,669. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.9 %

Shares of ADBE stock opened at $465.69 on Monday. The firm’s 50-day simple moving average is $505.16 and its 200-day simple moving average is $523.59. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap of $205.00 billion, a P/E ratio of 37.56, a PEG ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.52 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

About Adobe

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.