Venturi Wealth Management LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Venturi Wealth Management LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 29.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,807 shares of the software company’s stock after selling 766 shares during the quarter. Venturi Wealth Management LLC’s holdings in Adobe were worth $804,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ADBE. Swedbank AB lifted its holdings in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the period. Vest Financial LLC lifted its holdings in shares of Adobe by 217.2% in the 3rd quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock worth $1,181,000 after buying an additional 1,562 shares during the period. Trilogy Capital Inc. lifted its holdings in shares of Adobe by 20.9% in the 3rd quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock worth $1,727,000 after buying an additional 576 shares during the period. Raleigh Capital Management Inc. lifted its holdings in shares of Adobe by 6.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock worth $433,000 after buying an additional 50 shares during the period. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of Adobe by 9.7% in the 3rd quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock worth $14,239,000 after buying an additional 2,438 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. UBS Group reduced their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 price target on shares of Adobe in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was 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 in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE opened at $464.11 on Wednesday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The stock has a market cap of $202.03 billion, a price-to-earnings ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31. 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 business has a 50-day moving average price of $443.14 and a 200-day moving average price of $495.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current 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.