Adobe Inc. (NASDAQ:ADBE) Shares Sold by Principle Wealth Partners LLC

Principle Wealth Partners LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 31.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,518 shares of the software company’s stock after selling 1,136 shares during the quarter. Principle Wealth Partners LLC’s holdings in Adobe were worth $1,120,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC raised its stake in shares of Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares during the last quarter. Connable Office Inc. increased its holdings in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank raised its position in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the last quarter. James J. Burns & Company LLC lifted its holdings in shares of Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares in the last quarter. Finally, Holistic Financial Partners grew its position in shares of Adobe by 6.0% in the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Adobe stock opened at $451.10 on Tuesday. The company has a market cap of $196.36 billion, a price-to-earnings ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $626.34. 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 stock’s 50-day moving average is $453.92 and its 200-day moving average is $499.09.

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

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.