Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ridgecrest Wealth Partners LLC

Ridgecrest Wealth Partners LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 36.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 889 shares of the software company’s stock after selling 504 shares during the period. Ridgecrest Wealth Partners LLC’s holdings in Adobe were worth $395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mackenzie Financial Corp raised its stake in shares of Adobe by 0.7% during the 2nd quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after buying an additional 451 shares in the last quarter. Annandale Capital LLC raised its position in Adobe by 10.5% in the second quarter. Annandale Capital LLC now owns 5,276 shares of the software company’s stock worth $2,931,000 after acquiring an additional 500 shares in the last quarter. Aviso Wealth Management lifted its holdings in Adobe by 6.8% in the second quarter. Aviso Wealth Management now owns 487 shares of the software company’s stock valued at $271,000 after acquiring an additional 31 shares during the period. Magnolia Capital Advisors LLC boosted its position in shares of Adobe by 13.9% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after purchasing an additional 81 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Adobe by 19.3% during the 2nd quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock worth $22,704,000 after purchasing an additional 6,622 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Monday, January 20th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Oppenheimer lowered their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.4 %

ADBE opened at $435.38 on Monday. The stock has a market capitalization of $189.52 billion, a price-to-earnings ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. 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 business has a 50-day moving average of $468.14 and a two-hundred day moving average of $507.26.

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

Adobe 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.