Canvas Wealth Advisors LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Canvas Wealth Advisors LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 518 shares of the software company’s stock after selling 26 shares during the period. Canvas Wealth Advisors LLC’s holdings in Adobe were worth $230,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. CRA Financial Services LLC raised its stake in shares of Adobe by 5.7% in the 3rd quarter. CRA Financial Services LLC now owns 534 shares of the software company’s stock valued at $277,000 after acquiring an additional 29 shares during the period. Montis Financial LLC purchased a new position in Adobe in the 3rd quarter worth approximately $362,000. Annex Advisory Services LLC grew its position in Adobe by 9.2% in the third quarter. Annex Advisory Services LLC now owns 34,487 shares of the software company’s stock valued at $17,857,000 after acquiring an additional 2,892 shares in the last quarter. City State Bank lifted its position in shares of Adobe by 6.7% during the third quarter. City State Bank now owns 874 shares of the software company’s stock worth $453,000 after purchasing an additional 55 shares in the last quarter. Finally, Compton Wealth Advisory Group LLC increased its stake in Adobe by 4.9% during the 3rd quarter. Compton Wealth Advisory Group LLC now owns 5,267 shares of the software company’s stock worth $2,727,000 after buying an additional 247 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $433.07 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm’s 50 day moving average is $453.92 and its 200-day moving average is $499.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $628.07. The stock has a market capitalization of $188.52 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31.

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

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the 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 directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated 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 transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe 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.