Prairie Wealth Advisors Inc. Sells 389 Shares of Adobe Inc. (NASDAQ:ADBE)

Prairie Wealth Advisors Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 17.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,859 shares of the software company’s stock after selling 389 shares during the quarter. Prairie Wealth Advisors Inc.’s holdings in Adobe were worth $827,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ADBE shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. DA Davidson decreased their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price 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 approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Down 0.5 %

Shares of NASDAQ:ADBE opened at $435.40 on Friday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $628.07. The stock has a market capitalization of $189.53 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. 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 stock’s 50-day simple moving average is $457.14 and its two-hundred day simple moving average is $500.93.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.52 earnings per share. Analysts expect 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.