Thrive Wealth Management LLC Sells 48 Shares of Adobe Inc. (NASDAQ:ADBE)

Thrive Wealth Management LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,438 shares of the software company’s stock after selling 48 shares during the period. Thrive Wealth Management LLC’s holdings in Adobe were worth $639,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Seilern Investment Management Ltd purchased a new position in Adobe in the 4th quarter worth $110,744,000. Diversify Wealth Management LLC raised its stake in shares of Adobe by 23.6% during the 4th 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 last quarter. Gilman Hill Asset Management LLC raised its stake in shares of 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 buying an additional 100 shares during the last quarter. Evanson Asset Management LLC raised its stake in shares of Adobe by 317.2% during the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company’s stock valued at $1,988,000 after buying an additional 3,400 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in shares of Adobe by 3.5% during the 4th quarter. Grove Bank & Trust now owns 7,526 shares of the software company’s stock valued at $3,347,000 after buying an additional 256 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ADBE shares. Wells Fargo & Company reduced their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. 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 note on Thursday, December 12th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Up 0.7 %

ADBE stock opened at $429.99 on Monday. The firm has a market cap of $189.28 billion, a PE ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The firm’s 50 day moving average price is $476.55 and its 200-day moving average price is $512.44. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

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

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on 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 owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock valued at $893,665 over the last quarter. 0.15% of the stock is owned by company insiders.

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.