Adobe Inc. (NASDAQ:ADBE) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,549 shares of the software company's stock after selling 3,051 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Adobe were worth $5,923,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC increased its position in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe during the second quarter valued at about $663,745,000. FMR LLC raised its stake in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Liberty Wealth Management LLC lifted its holdings in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company's stock worth $318,127,000 after acquiring an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in shares of Adobe by 982.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company's stock worth $300,919,000 after purchasing an additional 491,627 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ADBE shares. Argus upgraded Adobe to a "strong-buy" rating in a research note on Monday, September 16th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a "buy" rating for the company in a research note on Thursday. DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday. Finally, Citigroup decreased their price target on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $584.88.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company's stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the company's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

NASDAQ:ADBE traded down $8.94 during trading hours on Friday, reaching $465.69. 11,395,512 shares of the company's stock were exchanged, compared to its average volume of 3,231,997. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $205.00 billion, a price-to-earnings ratio of 37.56, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a 50-day moving average of $505.16 and a 200 day moving average of $523.26.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 earnings per share. The company's quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts anticipate 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.