Adobe Inc. (NASDAQ:ADBE) Shares Sold by Revolve Wealth Partners LLC

Revolve Wealth Partners LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,359 shares of the software company’s stock after selling 35 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Adobe were worth $755,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADBE. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $1,468,000. Sfmg LLC increased its position in Adobe by 3.5% during the fourth quarter. Sfmg LLC now owns 680 shares of the software company’s stock worth $406,000 after purchasing an additional 23 shares during the last quarter. Federated Hermes Inc. raised its stake in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the period. Dock Street Asset Management Inc. boosted its holdings in Adobe by 1.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 28,658 shares of the software company’s stock valued at $17,097,000 after purchasing an additional 402 shares during the last quarter. Finally, Delta Financial Advisors LLC grew its stake in shares of Adobe by 25.7% in the 4th quarter. Delta Financial Advisors LLC now owns 1,115 shares of the software company’s stock valued at $665,000 after buying an additional 228 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research report 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 for the company in a research report on Friday, July 12th. Melius Research restated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Finally, KeyCorp upped their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on 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 directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. 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 quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE traded down $0.70 during mid-day trading on Friday, hitting $553.46. 1,541,726 shares of the company’s stock were exchanged, compared to its average volume of 3,304,834. 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business’s 50 day moving average is $537.27 and its two-hundred day moving average is $522.93. The firm has a market capitalization of $245.40 billion, a P/E ratio of 49.73, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $3.04 EPS. On average, equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe 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.