Lyell Wealth Management LP Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Lyell Wealth Management LP lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 18,791 shares of the software company’s stock after selling 524 shares during the quarter. Lyell Wealth Management LP’s holdings in Adobe were worth $8,356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter valued at approximately $30,000. True Wealth Design LLC lifted its stake 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. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter valued at approximately $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Oppenheimer lowered their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, BMO Capital Markets reduced their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

Shares of ADBE opened at $464.11 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm has a market capitalization of $202.03 billion, a P/E ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31. The business has a fifty day moving average of $443.14 and a 200 day moving average of $495.16.

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

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction 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 $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last 90 days. Company insiders own 0.15% of the company’s stock.

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.