Evermay Wealth Management LLC Has $532,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Evermay Wealth Management LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 15.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,028 shares of the software company’s stock after selling 186 shares during the quarter. Evermay Wealth Management LLC’s holdings in Adobe were worth $532,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC grew its holdings in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB bought a new stake in Adobe in the 1st quarter valued at about $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe during the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP grew its stake in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE traded up $4.73 on Wednesday, reaching $490.12. 581,173 shares of the company’s stock were exchanged, compared to its average volume of 3,168,520. The firm has a market cap of $217.32 billion, a price-to-earnings ratio of 43.61, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day simple moving average of $526.85 and a 200-day simple moving average of $516.01. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,511 shares of company stock worth $17,408,530 in the last quarter. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ADBE shares. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.