Adobe Inc. (NASDAQ:ADBE) Shares Sold by CWA Asset Management Group LLC

CWA Asset Management Group LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 24.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,909 shares of the software company’s stock after selling 603 shares during the quarter. CWA Asset Management Group LLC’s holdings in Adobe were worth $849,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the third quarter worth $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 valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter worth about $30,000. True Wealth Design LLC grew its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new position in shares of Adobe during the third quarter valued at $36,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.0 %

Shares of ADBE stock opened at $422.63 on Wednesday. The stock has a 50 day moving average of $488.06 and a 200-day moving average of $519.35. The firm has a market cap of $186.04 billion, a PE ratio of 34.08, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $420.51 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm 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 45.22%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 EPS. On average, equities analysts predict that Adobe Inc. will post 16.73 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $580.65.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were 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 in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred 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 directly owns 18,128 shares in the company, valued at $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. In the last quarter, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is currently owned by company insiders.

About Adobe

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.