Linscomb Wealth Inc. Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Linscomb Wealth Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,814 shares of the software company’s stock after selling 86 shares during the quarter. Linscomb Wealth Inc.’s holdings in Adobe were worth $2,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after purchasing an additional 590,533 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe in the 4th quarter worth about $3,277,785,000. Fisher Asset Management LLC increased its position in shares of Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Adobe by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after buying an additional 66,180 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. Sanford C. Bernstein increased their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. BMO Capital Markets boosted their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Citigroup reduced their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $603.33.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 30,236 shares of company stock valued at $16,281,053 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.9 %

Shares of NASDAQ:ADBE traded up $10.29 during trading on Friday, hitting $542.44. The stock had a trading volume of 2,090,007 shares, compared to its average volume of 2,424,248. The company has a market capitalization of $240.52 billion, a PE ratio of 48.74, a PEG ratio of 2.78 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average is $516.90 and its 200 day moving average is $530.38. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the company earned $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal 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.