StoneCrest Wealth Management Inc. Sells 253 Shares of Adobe Inc. (NASDAQ:ADBE)

StoneCrest Wealth Management Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 33.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 500 shares of the software company’s stock after selling 253 shares during the period. StoneCrest Wealth Management Inc.’s holdings in Adobe were worth $259,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC increased its holdings in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank increased its stake in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC increased its stake in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the period. Visionary Wealth Advisors boosted its position in Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after buying an additional 20 shares during the period. Finally, Orrstown Financial Services Inc. grew its holdings in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The trade was 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 sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

ADBE opened at $496.24 on Wednesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a 50-day moving average of $539.91 and a 200 day moving average of $516.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The firm has a market cap of $220.03 billion, a P/E ratio of 44.59, a PEG ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

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.