Opal Wealth Advisors LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Opal Wealth Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 11.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 947 shares of the software company’s stock after selling 122 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Adobe were worth $431,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tradewinds Capital Management LLC increased its stake in Adobe by 0.5% in the fourth quarter. Tradewinds Capital Management LLC now owns 9,768 shares of the software company’s stock worth $5,539,000 after purchasing an additional 53 shares during the period. Meridian Wealth Advisors LLC grew its position in shares of Adobe by 3.7% during the 4th quarter. Meridian Wealth Advisors LLC now owns 3,997 shares of the software company’s stock worth $2,267,000 after buying an additional 144 shares in the last quarter. Goodman Advisory Group LLC bought a new position in shares of Adobe during the 4th quarter worth $5,970,000. Pinnacle Associates Ltd. boosted its position in Adobe by 1.5% during the fourth quarter. Pinnacle Associates Ltd. now owns 31,033 shares of the software company’s stock valued at $17,598,000 after purchasing an additional 445 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Adobe by 4.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,042 shares of the software company’s stock worth $14,767,000 after acquiring an additional 996 shares in the last quarter. Hedge funds and other institutional investors own 82.54% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,711 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now directly owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total transaction of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,711 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the sale, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The disclosure for this sale can be found here. Insiders sold 3,637 shares of company stock valued at $1,438,682 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock traded up $2.08 during trading hours on Friday, reaching $432.67. 110,256 shares of the company’s stock were exchanged, compared to its average volume of 2,249,972. The company has a market cap of $202.49 billion, a P/E ratio of 42.27, a price-to-earnings-growth ratio of 2.34 and a beta of 1.12. The company’s 50 day moving average is $392.89 and its two-hundred day moving average is $428.29. Adobe Inc. has a 1 year low of $338.00 and a 1 year high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBEGet Rating) last issued its earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the business posted $2.56 EPS. Equities research analysts anticipate that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. Credit Suisse Group lowered their price target on Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a research note on Friday, June 17th. Royal Bank of Canada cut their price objective on Adobe from $600.00 to $500.00 and set an “outperform” rating on the stock in a report on Tuesday, June 14th. Morgan Stanley downgraded Adobe from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $591.00 to $362.00 in a report on Tuesday, June 21st. Bank of America cut their price target on Adobe from $560.00 to $450.00 and set a “buy” rating on the stock in a report on Friday, June 17th. Finally, Wells Fargo & Company cut their price target on Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a report on Friday, June 17th. Six investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $489.31.

About Adobe

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Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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