Avidian Wealth Enterprises LLC Has $843,000 Position in Adobe Inc. (NASDAQ:ADBE)

Avidian Wealth Enterprises LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, HoldingsChannel reports. The firm owned 1,896 shares of the software company’s stock after selling 104 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Adobe were worth $843,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $26,000. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ADBE shares. BMO Capital Markets cut their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Royal Bank of Canada cut their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

Shares of ADBE opened at $462.76 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a 50-day moving average of $451.47 and a 200-day moving average of $497.93. The company has a market cap of $201.44 billion, a PE ratio of 37.32, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $610.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $3.52 EPS. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. Company insiders own 0.15% of the company’s stock.

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.