Kathmere Capital Management LLC Sells 660 Shares of Adobe Inc. (NASDAQ:ADBE)

Kathmere Capital Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 19.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,682 shares of the software company’s stock after selling 660 shares during the period. Kathmere Capital Management LLC’s holdings in Adobe were worth $1,193,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the third quarter valued at $30,000. Finally, True Wealth Design LLC lifted its position in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADBE. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday. UBS Group dropped their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Wells Fargo & Company reduced their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Piper Sandler cut their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $412.71 on Wednesday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The stock has a market capitalization of $181.67 billion, a P/E ratio of 33.28, a P/E/G ratio of 2.51 and a beta of 1.31. The company’s 50-day moving average is $481.07 and its 200 day moving average is $515.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted 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 return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the business’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 completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock worth $893,665 in the last three months. 0.15% of the stock is owned by corporate insiders.

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.