Adobe Inc. (NASDAQ:ADBE) Stock Holdings Decreased by Independent Solutions Wealth Management LLC

Independent Solutions Wealth Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 6,556 shares of the software company’s stock after selling 92 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Adobe were worth $3,394,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% during the 3rd 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. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter valued at $26,000. Groupama Asset Managment grew its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter worth about $30,000. Finally, True Wealth Design LLC raised its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Oppenheimer decreased their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets cut their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Bank of America lowered their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $584.88.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was 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 owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold 28,293 shares of company stock valued at $14,719,309 over the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

NASDAQ:ADBE traded up $2.59 during trading hours on Thursday, reaching $443.90. The company had a trading volume of 2,582,119 shares, compared to its average volume of 3,270,627. 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 stock has a 50-day moving average of $502.76 and a two-hundred day moving average of $523.19. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market capitalization of $195.40 billion, a PE ratio of 35.80, a PEG ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $3.52 EPS. Analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current 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.