Beacon Investment Advisory Services Inc. Sells 335 Shares of Adobe Inc. (NASDAQ:ADBE)

Beacon Investment Advisory Services Inc. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,063 shares of the software company’s stock after selling 335 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Adobe were worth $22,739,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Lantz Financial LLC lifted its holdings in shares of Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management lifted its stake in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares in the last quarter. Evolution Advisers Inc. boosted its position in Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its stake in shares of Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after acquiring an additional 17 shares in the last quarter. Finally, Wade G W & Inc. raised its holdings in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after purchasing an additional 18 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Friday, June 14th. Wells Fargo & Company raised their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Finally, StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $603.33.

Adobe Stock Performance

NASDAQ ADBE traded down $6.24 during trading on Thursday, reaching $556.85. The company’s stock had a trading volume of 2,183,487 shares, compared to its average volume of 3,477,792. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a 50 day moving average price of $509.61 and a 200 day moving average price of $532.18. The firm has a market capitalization of $246.91 billion, a price-to-earnings ratio of 50.03, a price-to-earnings-growth ratio of 2.96 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.04 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,855 shares of company stock worth $16,063,203. Company insiders own 0.15% of the company’s stock.

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.