Denver PWM LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Denver PWM LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 39.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 101 shares of the software company’s stock after selling 65 shares during the quarter. Denver PWM LLC’s holdings in Adobe were worth $52,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter worth $26,000. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd 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. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC increased its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Summit Securities Group LLC bought a new stake in Adobe during the 2nd quarter worth approximately $33,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADBE shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup cut their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Mizuho reduced their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Trading Down 13.7 %

ADBE opened at $474.63 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50 day moving average price is $505.99 and its 200-day moving average price is $523.02. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market cap of $208.93 billion, a price-to-earnings ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29.

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

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 in the last 90 days. 0.15% of the stock is owned by corporate 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.