Adobe Inc. (NASDAQ:ADBE) Shares Sold by Signature Estate & Investment Advisors LLC

Signature Estate & Investment Advisors LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,391 shares of the software company’s stock after selling 40 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Adobe were worth $619,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Modern Wealth Management LLC lifted its stake in Adobe by 8.1% in the fourth quarter. Modern Wealth Management LLC now owns 5,880 shares of the software company’s stock valued at $2,653,000 after buying an additional 443 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Adobe in the 4th quarter worth about $482,000. Angeles Investment Advisors LLC boosted its stake in Adobe by 1.0% during the 4th quarter. Angeles Investment Advisors LLC now owns 2,510 shares of the software company’s stock valued at $1,116,000 after purchasing an additional 24 shares during the period. Congress Wealth Management LLC DE boosted its stake in Adobe by 4.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 7,128 shares of the software company’s stock valued at $3,170,000 after purchasing an additional 272 shares during the period. Finally, Twin City Private Wealth LLC increased its stake in shares of Adobe by 19.0% in the fourth quarter. Twin City Private Wealth LLC now owns 1,919 shares of the software company’s stock valued at $853,000 after purchasing an additional 307 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe 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 sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last three months. Corporate insiders own 0.16% of the company’s stock.

Adobe Trading Down 1.4 %

Shares of NASDAQ ADBE opened at $397.81 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The business has a 50-day moving average price of $433.31 and a two-hundred day moving average price of $472.23. The firm has a market capitalization of $173.21 billion, a PE ratio of 32.08, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the company posted $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 price objective on shares of Adobe in a report on Wednesday, March 19th. DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

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.