SeaCrest Wealth Management LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

SeaCrest Wealth Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 22.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,912 shares of the software company’s stock after selling 846 shares during the period. SeaCrest Wealth Management LLC’s holdings in Adobe were worth $1,508,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB acquired a new stake in shares of Adobe in the 1st quarter worth $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe in the 2nd quarter valued at about $663,745,000. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the period. BlueSpruce Investments LP raised its position in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC grew its position in Adobe by 55,496.6% in the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $5.64 on Wednesday, reaching $502.39. The company’s stock had a trading volume of 114,716 shares, compared to its average volume of 3,216,378. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $222.76 billion, a P/E ratio of 45.65, a PEG ratio of 2.55 and a beta of 1.29. The stock’s 50-day moving average is $537.17 and its two-hundred day moving average is $515.94. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,078 shares of company stock valued at $16,700,246. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ADBE shares. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

View Our Latest Report on ADBE

About Adobe

(Free Report)

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.

Recommended Stories