Adobe Inc. (NASDAQ:ADBE) Shares Sold by Darden Wealth Group Inc

Darden Wealth Group Inc cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 24.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,361 shares of the software company’s stock after selling 433 shares during the period. Darden Wealth Group Inc’s holdings in Adobe were worth $605,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. United Bank raised its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Quarry LP lifted its stake in shares of Adobe by 445.2% in the third quarter. Quarry LP now owns 229 shares of the software company’s stock worth $119,000 after buying an additional 187 shares in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Adobe by 13.3% in the third quarter. Two Sigma Advisers LP now owns 58,700 shares of the software company’s stock worth $30,394,000 after buying an additional 6,900 shares in the last quarter. Insigneo Advisory Services LLC boosted its position in Adobe by 0.9% during the third quarter. Insigneo Advisory Services LLC now owns 4,732 shares of the software company’s stock worth $2,450,000 after acquiring an additional 40 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its position in shares of Adobe by 411.7% in the third quarter. EP Wealth Advisors LLC now owns 45,738 shares of the software company’s stock valued at $23,682,000 after purchasing an additional 36,799 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $349.07 on Friday. The stock’s 50-day simple moving average is $425.66 and its 200-day simple moving average is $463.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe Inc. has a fifty-two week low of $348.80 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company earned $4.48 earnings per share. As a group, equities 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.