Tritonpoint Wealth LLC Has $723,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Tritonpoint Wealth LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,625 shares of the software company’s stock after selling 205 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Adobe were worth $723,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Mizuho dropped their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company dropped their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Sanford C. Bernstein reduced their price objective 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $437.45 on Monday. The stock has a fifty day moving average of $461.97 and a 200-day moving average of $503.41. The stock has a market cap of $190.42 billion, a PE ratio of 35.28, a price-to-earnings-growth ratio of 2.14 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. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the business posted $3.52 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % 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 valued at $2,525,126 in the last three months. Company insiders own 0.15% of the company’s stock.

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.