Kingswood Wealth Advisors LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 37.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,331 shares of the software company's stock after selling 2,622 shares during the period. Kingswood Wealth Advisors LLC's holdings in Adobe were worth $1,926,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. International Assets Investment Management LLC lifted its position in Adobe by 66,909.7% in the third 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 period. 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 worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock valued at $519,646,000 after buying an additional 347,536 shares during the period. Seilern Investment Management Ltd bought a new position in Adobe during the fourth quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new position in Adobe during the third quarter valued at about $126,703,000. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Stock Performance
Shares of NASDAQ:ADBE traded up $4.10 during trading on Tuesday, reaching $442.70. The stock had a trading volume of 5,375,388 shares, compared to its average volume of 4,064,137. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a fifty day simple moving average of $466.93 and a two-hundred day simple moving average of $506.42. The firm has a market capitalization of $192.71 billion, a price-to-earnings ratio of 35.70, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25.
Adobe (NASDAQ:ADBE - Get Free Report) 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 firm had revenue of $5.61 billion during 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 was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.52 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Insider Buying and Selling at Adobe
In other Adobe news, Director Amy Banse sold 606 shares of the 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 sale, the director now directly owns 32,929 shares of the company's stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.15% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on ADBE shares. Royal Bank of Canada cut their price target on shares of Adobe from $610.00 to $590.00 and set an "outperform" rating for the company in a report on Thursday, December 12th. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. TD Cowen cut Adobe from a "buy" rating to a "hold" rating and decreased their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a "neutral" rating for the company in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $573.00.
Check Out Our Latest Stock Report on ADBE
About Adobe
(
Free Report)
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.
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