Adobe Inc. (NASDAQ:ADBE) Shares Sold by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 18.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,376 shares of the software company’s stock after selling 1,877 shares during the period. Soltis Investment Advisors LLC’s holdings in Adobe were worth $3,725,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ADBE. CRA Financial Services LLC lifted its stake in Adobe by 5.7% in the third quarter. CRA Financial Services LLC now owns 534 shares of the software company’s stock worth $277,000 after acquiring an additional 29 shares during the last quarter. Montis Financial LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $362,000. Annex Advisory Services LLC grew its stake in shares of Adobe by 9.2% during the third quarter. Annex Advisory Services LLC now owns 34,487 shares of the software company’s stock worth $17,857,000 after purchasing an additional 2,892 shares in the last quarter. City State Bank raised its stake in Adobe by 6.7% in the third quarter. City State Bank now owns 874 shares of the software company’s stock valued at $453,000 after buying an additional 55 shares in the last quarter. Finally, Compton Wealth Advisory Group LLC raised its stake in Adobe by 4.9% in the third quarter. Compton Wealth Advisory Group LLC now owns 5,267 shares of the software company’s stock valued at $2,727,000 after buying an additional 247 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group lowered their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Performance

Shares of ADBE stock opened at $433.07 on Monday. The firm has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $628.07. 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 company has a 50 day moving average price of $453.92 and a 200 day moving average price of $499.31.

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

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on 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 directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. 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 ninety days. Corporate insiders own 0.15% of the company’s stock.

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.