Beacon Pointe Advisors LLC Sells 304 Shares of Adobe Inc. (NASDAQ:ADBE)

Beacon Pointe Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,496 shares of the software company’s stock after selling 304 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Adobe were worth $10,004,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Marshall & Sterling Wealth Advisors Inc. bought a new position in Adobe in the 4th quarter worth $491,000. Shorepoint Capital Partners LLC raised its holdings in Adobe by 6.8% in the 4th quarter. Shorepoint Capital Partners LLC now owns 6,180 shares of the software company’s stock worth $2,748,000 after acquiring an additional 393 shares during the period. Mission Creek Capital Partners Inc. raised its holdings in Adobe by 4.0% in the 4th quarter. Mission Creek Capital Partners Inc. now owns 5,291 shares of the software company’s stock worth $2,353,000 after acquiring an additional 203 shares during the period. Bolthouse Investments LLC bought a new position in Adobe in the 4th quarter worth $254,000. Finally, Johnson Financial Group Inc. grew its position in Adobe by 6.5% in the 4th quarter. Johnson Financial Group Inc. now owns 9,237 shares of the software company’s stock worth $4,041,000 after purchasing an additional 562 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Up 0.2 %

Shares of ADBE opened at $368.62 on Tuesday. The firm has a market capitalization of $157.11 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business’s fifty day moving average price is $391.12 and its two-hundred day moving average price is $443.78. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company earned $4.48 EPS. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. BMO Capital Markets cut their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company decreased their price objective on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $502.88.

About Adobe

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.