Adobe Inc. (NASDAQ:ADBE) Shares Sold by TCI Wealth Advisors Inc.

TCI Wealth Advisors Inc. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 625 shares of the software company’s stock after selling 45 shares during the period. TCI Wealth Advisors Inc.’s holdings in Adobe were worth $278,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hamilton Point Investment Advisors LLC raised its stake in Adobe by 1.0% in the 4th quarter. Hamilton Point Investment Advisors LLC now owns 20,075 shares of the software company’s stock valued at $8,927,000 after purchasing an additional 199 shares during the last quarter. Country Trust Bank grew its holdings in shares of Adobe by 14.4% during the fourth quarter. Country Trust Bank now owns 86,023 shares of the software company’s stock worth $38,253,000 after buying an additional 10,829 shares in the last quarter. CMG Global Holdings LLC raised its position in shares of Adobe by 3.5% in the fourth quarter. CMG Global Holdings LLC now owns 1,351 shares of the software company’s stock valued at $591,000 after buying an additional 46 shares during the last quarter. Hunter Associates Investment Management LLC lifted its stake in shares of Adobe by 5.2% during the fourth quarter. Hunter Associates Investment Management LLC now owns 937 shares of the software company’s stock valued at $415,000 after buying an additional 46 shares during the period. Finally, Boomfish Wealth Group LLC boosted its position in Adobe by 5.1% during the fourth quarter. Boomfish Wealth Group LLC now owns 4,632 shares of the software company’s stock worth $2,060,000 after acquiring an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Sanford C. Bernstein cut their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Citigroup decreased their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Down 1.9 %

ADBE opened at $437.45 on Friday. The firm’s 50 day moving average is $463.46 and its 200-day moving average is $504.74. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.52 EPS. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.