ZRC Wealth Management LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

ZRC Wealth Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 13.0% during the third quarter, HoldingsChannel reports. The firm owned 819 shares of the software company’s stock after selling 122 shares during the period. ZRC Wealth Management LLC’s holdings in Adobe were worth $424,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Onyx Bridge Wealth Group LLC increased its stake in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank increased its stake in shares of Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC increased its stake in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the last quarter. Visionary Wealth Advisors increased its stake in shares of Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after acquiring an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. increased its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.7 %

ADBE traded up $3.42 on Friday, reaching $507.22. The company’s stock had a trading volume of 1,949,994 shares, compared to its average volume of 3,224,393. The stock has a 50 day moving average of $541.74 and a two-hundred day moving average of $516.31. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $224.90 billion, a price-to-earnings ratio of 45.57, a P/E/G ratio of 2.72 and a beta of 1.29. 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 (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 earnings per share. As a group, analysts forecast that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Robert W. Baird raised their price objective on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Wells Fargo & Company raised their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, 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 in the company, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is currently owned by company insiders.

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.