CVA Family Office LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

CVA Family Office LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,378 shares of the software company’s stock after selling 55 shares during the period. CVA Family Office LLC’s holdings in Adobe were worth $714,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of ADBE. American Trust raised its stake in shares of Adobe by 19.1% during the fourth quarter. American Trust now owns 499 shares of the software company’s stock worth $298,000 after purchasing an additional 80 shares during the last quarter. Garde Capital Inc. grew its holdings in Adobe by 17.6% during the fourth quarter. Garde Capital Inc. now owns 541 shares of the software company’s stock worth $323,000 after acquiring an additional 81 shares during the period. Raleigh Capital Management Inc. grew its holdings in Adobe by 11.3% during the fourth quarter. Raleigh Capital Management Inc. now owns 622 shares of the software company’s stock worth $371,000 after acquiring an additional 63 shares during the period. Scarborough Advisors LLC acquired a new position in Adobe during the fourth quarter worth $61,000. Finally, Beacon Financial Group acquired a new position in Adobe during the fourth quarter worth $343,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADBE shares. Stifel Nicolaus upped their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Barclays upped their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 1.6 %

Shares of ADBE traded down $8.15 during mid-day trading on Friday, reaching $495.42. The company had a trading volume of 2,992,409 shares, compared to its average volume of 3,229,145. The stock has a market cap of $219.67 billion, a price-to-earnings ratio of 44.51, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a fifty day simple moving average of $537.29 and a 200-day simple moving average of $515.80. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the company posted $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,759 shares of company stock worth $17,642,653. Corporate 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.