Atomi Financial Group Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Atomi Financial Group Inc. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,838 shares of the software company’s stock after selling 205 shares during the period. Atomi Financial Group Inc.’s holdings in Adobe were worth $1,706,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $26,000. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new stake in Adobe during the third quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 1.5 %

NASDAQ:ADBE opened at $436.36 on Wednesday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a fifty day moving average price of $475.06 and a two-hundred day moving average price of $511.05. The stock has a market capitalization of $189.95 billion, a price-to-earnings ratio of 35.19, a PEG ratio of 2.08 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.52 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock valued at $893,665 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ADBE shares. Oppenheimer lowered their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

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.