Tyche Wealth Partners LLC Trims Position in Adobe Inc. (NASDAQ:ADBE)

Tyche Wealth Partners LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 25.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 469 shares of the software company’s stock after selling 157 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Adobe were worth $261,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barlow Wealth Partners Inc. purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $16,700,000. Federated Hermes Inc. grew its position in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the period. Vise Technologies Inc. increased its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares during the last quarter. Steph & Co. raised its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Naviter Wealth LLC lifted its stake in shares of Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE traded down $0.70 during midday trading on Friday, reaching $553.46. 1,541,726 shares of the stock were exchanged, compared to its average volume of 3,304,834. The company has a market capitalization of $245.40 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The business’s 50-day moving average price is $537.27 and its 200 day moving average price is $522.93.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating 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 quarter in the previous year, the business earned $3.04 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Citigroup dropped their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. BMO Capital Markets upped their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Finally, TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

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.