Kingsview Wealth Management LLC Sells 1,165 Shares of Adobe Inc. (NASDAQ:ADBE)

Kingsview Wealth Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,150 shares of the software company’s stock after selling 1,165 shares during the period. Kingsview Wealth Management LLC’s holdings in Adobe were worth $8,880,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ADBE. International Assets Investment Management LLC increased its stake in shares of 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 position in Adobe during the first quarter valued at about $621,179,000. Longview Partners Guernsey LTD bought a new position in Adobe during the second quarter valued at about $663,745,000. BlueSpruce Investments LP increased its stake in Adobe by 81.1% during 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. Finally, Liberty Wealth Management LLC increased its stake in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after acquiring an additional 571,615 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction 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 owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $512.15 on Friday. 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 company has a 50 day moving average price of $503.13 and a 200 day moving average price of $518.84. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market capitalization of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Adobe Company 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.