Quotient Wealth Partners LLC Has $1.15 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Quotient Wealth Partners LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,225 shares of the software company’s stock after selling 115 shares during the quarter. Quotient Wealth Partners LLC’s holdings in Adobe were worth $1,152,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% during the 1st 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 in the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at approximately $33,000. Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Adobe in the 2nd quarter valued at about $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, 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 transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE traded up $10.12 during trading on Thursday, hitting $504.20. The company’s stock had a trading volume of 1,168,302 shares, compared to its average volume of 3,222,167. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $223.56 billion, a price-to-earnings ratio of 44.79, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm’s 50 day moving average price is $538.76 and its two-hundred day moving average price is $515.91.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADBE. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

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.