WealthTrust Asset Management LLC Sells 45 Shares of Adobe Inc. (NASDAQ:ADBE)

WealthTrust Asset Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 10.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 390 shares of the software company’s stock after selling 45 shares during the quarter. WealthTrust Asset Management LLC’s holdings in Adobe were worth $217,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe in the second quarter valued at $33,000. Steph & Co. increased its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in Adobe during the 2nd quarter worth about $39,000. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $18,205,903 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $526.44 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $549.91 and a 200 day simple moving average of $519.04. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market cap of $233.42 billion, a P/E ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 quarter last year, the firm earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.