Mount Yale Investment Advisors LLC Sells 723 Shares of Adobe Inc. (NASDAQ:ADBE)

Mount Yale Investment Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,683 shares of the software company's stock after selling 723 shares during the quarter. Mount Yale Investment Advisors LLC's holdings in Adobe were worth $1,193,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter worth $26,000. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the third quarter worth $30,000. True Wealth Design LLC lifted its position in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after buying an additional 34 shares during the period. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Adobe in the third quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last ninety days. Corporate insiders own 0.15% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ADBE shares. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a research note on Thursday, December 12th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. TD Cowen cut 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 report on Thursday, December 12th. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Finally, Stifel Nicolaus reduced 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, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $573.00.

Adobe Stock Up 0.9 %

ADBE stock traded up $4.10 during mid-day trading on Tuesday, reaching $442.70. The company had a trading volume of 5,375,388 shares, compared to its average volume of 4,064,137. The company has a market capitalization of $192.71 billion, a price-to-earnings ratio of 35.70, a PEG 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. The stock has a 50 day simple moving average of $466.93 and a two-hundred day simple moving average of $506.42. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% 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 last year, the company posted $3.52 earnings per share. Adobe's quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company 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.