Baker Tilly Wealth Management LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Baker Tilly Wealth Management LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,073 shares of the software company’s stock after selling 62 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Adobe were worth $477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Fortitude Family Office LLC raised its position in Adobe by 15.6% during the fourth quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock valued at $89,000 after purchasing an additional 27 shares in the last quarter. Fulton Bank N.A. lifted its position in Adobe by 3.2% in the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock worth $7,195,000 after buying an additional 499 shares during the last quarter. Northcape Capital Pty Ltd lifted its position in Adobe by 44.4% in the 4th quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after buying an additional 1,585 shares during the last quarter. One Wealth Capital Management LLC purchased a new stake in Adobe in the fourth quarter worth approximately $1,057,000. Finally, Norway Savings Bank grew its position in Adobe by 33.3% during the fourth quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock valued at $1,006,000 after acquiring an additional 565 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was 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 owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock worth $1,679,809 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADBE. Mizuho cut their price objective 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 cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group dropped their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Royal Bank of Canada decreased their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $405.92 on Friday. The company has a 50 day simple moving average of $484.01 and a two-hundred day simple moving average of $517.15. Adobe Inc. has a fifty-two week low of $405.32 and a fifty-two week high of $638.25. The company has a market capitalization of $178.69 billion, a price-to-earnings ratio of 32.74, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $3.52 EPS. Analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.

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.