Adobe Inc. (NASDAQ:ADBE) Stock Holdings Decreased by TRUE Private Wealth Advisors

TRUE Private Wealth Advisors reduced its position in Adobe Inc. (NASDAQ:ADBE) by 21.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 679 shares of the software company’s stock after selling 186 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Adobe were worth $377,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Norges Bank acquired a new position in Adobe during the fourth quarter worth about $3,277,785,000. Fisher Asset Management LLC lifted its stake in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Adobe by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after acquiring an additional 66,180 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.9 %

ADBE stock traded up $4.57 during trading on Wednesday, hitting $539.79. The company had a trading volume of 1,907,202 shares, compared to its average volume of 3,320,063. The stock has a market cap of $239.34 billion, a price-to-earnings ratio of 48.35, a PEG ratio of 2.85 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $531.91 and a 200-day moving average price of $523.87. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

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

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Piper Sandler dropped their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. TD Cowen reduced their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, Oppenheimer reissued an “outperform” rating and set a $580.00 price objective on shares of Adobe in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $601.38.

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.