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

EverSource Wealth Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,351 shares of the software company’s stock after selling 155 shares during the period. EverSource Wealth Advisors LLC’s holdings in Adobe were worth $1,045,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC acquired a new stake in Adobe in the third quarter valued at $26,000. Groupama Asset Managment raised its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the fourth quarter valued at $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADBE shares. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. KeyCorp lowered their target price on shares of Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a research note on Thursday. Finally, Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $539.46.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 13.9 %

NASDAQ:ADBE opened at $377.84 on Friday. The stock’s 50 day moving average price is $437.74 and its 200 day moving average price is $483.80. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a market capitalization of $164.51 billion, a P/E ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.