Diversify Advisory Services LLC Has $2.21 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Diversify Advisory Services LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 50.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,454 shares of the software company’s stock after selling 5,556 shares during the period. Diversify Advisory Services LLC’s holdings in Adobe were worth $2,214,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ADBE. Diversify Wealth Management LLC raised its position in Adobe by 23.6% during the fourth quarter. Diversify Wealth Management LLC now owns 13,071 shares of the software company’s stock valued at $5,306,000 after buying an additional 2,493 shares during the period. Gilman Hill Asset Management LLC grew its stake in Adobe by 13.0% during the 4th quarter. Gilman Hill Asset Management LLC now owns 870 shares of the software company’s stock valued at $387,000 after acquiring an additional 100 shares in the last quarter. Evanson Asset Management LLC increased its holdings in shares of Adobe by 317.2% in the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company’s stock valued at $1,988,000 after purchasing an additional 3,400 shares during the period. Grove Bank & Trust lifted its position in shares of Adobe by 3.5% in the fourth quarter. Grove Bank & Trust now owns 7,526 shares of the software company’s stock worth $3,347,000 after purchasing an additional 256 shares in the last quarter. Finally, Brady Martz Wealth Solutions LLC acquired a new stake in shares of Adobe during the fourth quarter worth approximately $371,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE opened at $429.99 on Monday. The company’s fifty day moving average is $476.55 and its two-hundred day moving average is $512.44. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11. The firm has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the business earned $3.52 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Royal Bank of Canada reduced their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.