Adobe Inc. (NASDAQ:ADBE) Shares Sold by McKinley Carter Wealth Services Inc.

McKinley Carter Wealth Services Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,693 shares of the software company’s stock after selling 36 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Adobe were worth $5,644,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. 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 worth $25,000 after buying an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in Adobe in the 3rd quarter worth $26,000. Groupama Asset Managment lifted its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Citigroup decreased their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their price target for the stock from $625.00 to $550.00 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 given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 0.9 %

Shares of ADBE opened at $442.70 on Wednesday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The stock has a market cap of $192.71 billion, a PE ratio of 35.70, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The firm’s fifty day moving average is $465.79 and its two-hundred day moving average is $505.60. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the firm’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 sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders 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.

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.