International Assets Investment Management LLC Sells 1,373,850 Shares of Adobe Inc. (NASDAQ:ADBE)

International Assets Investment Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 99.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,540 shares of the software company’s stock after selling 1,373,850 shares during the period. International Assets Investment Management LLC’s holdings in Adobe were worth $2,002,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the 3rd quarter worth about $26,000. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% in 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 period. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% during 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 bought a new stake in shares of Adobe in the 3rd quarter worth approximately $36,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.7 %

NASDAQ ADBE opened at $419.58 on Thursday. The stock’s 50-day moving average price is $486.71 and its 200-day moving average price is $518.66. The company has a market capitalization of $184.70 billion, a P/E ratio of 33.84, 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 52 week low of $415.51 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $3.52 EPS. On average, equities research analysts predict that Adobe Inc. will post 16.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday. Piper Sandler dropped their price target 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. Citigroup reduced their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Oppenheimer reduced their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $575.85.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,293 shares of company stock valued at $1,679,809. 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.