Denver PWM LLC Sells 65 Shares of Adobe Inc. (NASDAQ:ADBE)

Denver PWM LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 39.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101 shares of the software company’s stock after selling 65 shares during the period. Denver PWM LLC’s holdings in Adobe were worth $52,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ADBE. Coronation Fund Managers Ltd. increased its position in shares of Adobe by 124.2% during the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after buying an additional 2,521 shares during the period. Pure Financial Advisors LLC grew its stake in Adobe by 17.7% during the second quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock valued at $596,000 after acquiring an additional 161 shares in the last quarter. Rovin Capital UT ADV purchased a new stake in Adobe in the 2nd quarter worth approximately $404,000. Brookstone Capital Management lifted its stake in Adobe by 8.1% in the 2nd quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock worth $4,507,000 after purchasing an additional 599 shares in the last quarter. Finally, Foster Victor Wealth Advisors LLC grew its position in shares of Adobe by 5.4% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock valued at $23,185,000 after purchasing an additional 2,111 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday. BMO Capital Markets decreased their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $584.88.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,793 shares of company stock valued at $18,069,669. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Down 13.7 %

NASDAQ ADBE opened at $474.63 on Friday. The stock’s 50 day moving average is $505.99 and its 200 day moving average is $523.02. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $208.93 billion, a PE ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the firm earned $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

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.