Wealth Architects LLC Sells 83 Shares of Adobe Inc. (NASDAQ:ADBE)

Wealth Architects LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 917 shares of the software company’s stock after selling 83 shares during the period. Wealth Architects LLC’s holdings in Adobe were worth $408,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ADBE. Terra Alpha Investments LLC acquired a new stake in shares of Adobe during the fourth quarter worth $1,786,000. Cibc World Markets Corp increased its position in shares of Adobe by 13.4% during the fourth quarter. Cibc World Markets Corp now owns 79,220 shares of the software company’s stock worth $35,228,000 after buying an additional 9,350 shares during the period. SouthState Corp increased its position in shares of Adobe by 11.6% during the fourth quarter. SouthState Corp now owns 46,444 shares of the software company’s stock worth $20,653,000 after buying an additional 4,827 shares during the period. IMG Wealth Management Inc. acquired a new stake in shares of Adobe during the fourth quarter worth $98,000. Finally, Signature Wealth Management Group increased its position in shares of Adobe by 8.5% during the fourth quarter. Signature Wealth Management Group now owns 2,212 shares of the software company’s stock worth $984,000 after buying an additional 174 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. BMO Capital Markets reduced their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday. Wells Fargo & Company reduced their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Finally, Citigroup reduced their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $540.60.

Adobe Stock Up 4.5 %

ADBE opened at $394.74 on Monday. 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 company’s 50-day moving average is $437.03 and its 200 day moving average is $481.50. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The firm has a market capitalization of $171.87 billion, a P/E ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value 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 $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% 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.