Paladin Advisory Group LLC Sells 97 Shares of Adobe Inc. (NASDAQ:ADBE)

Paladin Advisory Group LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 804 shares of the software company’s stock after selling 97 shares during the quarter. Paladin Advisory Group LLC’s holdings in Adobe were worth $358,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe during the 3rd quarter worth $30,000. Finally, True Wealth Design LLC lifted its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $440.11 on Wednesday. The stock has a market capitalization of $191.58 billion, a price-to-earnings ratio of 35.48, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50-day moving average of $465.79 and a 200 day moving average of $505.60. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on ADBE shares. Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets decreased their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.