Adobe Inc. (NASDAQ:ADBE) Shares Sold by Court Place Advisors LLC

Court Place Advisors LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,282 shares of the software company’s stock after selling 290 shares during the quarter. Court Place Advisors LLC’s holdings in Adobe were worth $2,349,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter valued at $26,000. Piscataqua Savings Bank increased its position in shares of 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 in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% in the 3rd 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 period. Finally, Briaud Financial Planning Inc purchased a new position in Adobe during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. Mizuho decreased their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, UBS Group reduced their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Up 0.7 %

ADBE stock opened at $438.59 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50 day simple moving average is $468.14 and its 200-day simple moving average is $507.26. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The firm has a market capitalization of $190.92 billion, a PE ratio of 35.37, a P/E/G ratio of 2.12 and a beta of 1.31.

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

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe 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 sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.15% of the stock is currently 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.