Carolinas Wealth Consulting LLC Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Carolinas Wealth Consulting LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 20.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 272 shares of the software company’s stock after selling 71 shares during the period. Carolinas Wealth Consulting LLC’s holdings in Adobe were worth $151,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the period. HTLF Bank increased its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 19 shares during the last quarter. Visionary Wealth Advisors raised its position in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after buying an additional 20 shares during the period. Orrstown Financial Services Inc. lifted its holdings in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC grew its position in Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after acquiring an additional 20 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADBE. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Mizuho reaffirmed a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Wells Fargo & Company upped their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Finally, Barclays lifted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.58.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $508.13 on Thursday. The company has a market cap of $225.30 billion, a P/E ratio of 45.65, a PEG ratio of 3.03 and a beta of 1.29. The firm has a fifty day moving average price of $550.53 and a 200 day moving average price of $518.99. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.