Sandy Cove Advisors LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Sandy Cove Advisors LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 676 shares of the software company’s stock after selling 64 shares during the quarter. Sandy Cove Advisors LLC’s holdings in Adobe were worth $301,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Moss Adams Wealth Advisors LLC lifted its stake in shares of Adobe by 80.4% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 2,161 shares of the software company’s stock worth $961,000 after purchasing an additional 963 shares in the last quarter. Veery Capital LLC raised its stake in shares of Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after purchasing an additional 24 shares during the period. WealthBridge Investment Counsel Inc. lifted its holdings in Adobe by 7.8% in the 4th quarter. WealthBridge Investment Counsel Inc. now owns 3,442 shares of the software company’s stock worth $1,531,000 after buying an additional 250 shares in the last quarter. Smith Salley Wealth Management boosted its holdings in Adobe by 11.0% in the fourth quarter. Smith Salley Wealth Management now owns 7,250 shares of the software company’s stock valued at $3,224,000 after purchasing an additional 721 shares during the last quarter. Finally, Ameritas Advisory Services LLC grew its stake in Adobe by 4.3% during the 4th quarter. Ameritas Advisory Services LLC now owns 2,939 shares of the software company’s stock valued at $1,307,000 after purchasing an additional 121 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday. Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Mizuho lowered their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.7 %

Shares of ADBE stock opened at $429.99 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The stock has a market cap of $189.28 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The business’s fifty day moving average is $476.55 and its 200-day moving average is $512.82. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by insiders.

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.