RKL Wealth Management LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

RKL Wealth Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 9.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 588 shares of the software company’s stock after selling 63 shares during the quarter. RKL Wealth Management LLC’s holdings in Adobe were worth $261,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the third quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Briaud Financial Planning Inc purchased a new stake in Adobe during the 3rd quarter worth about $36,000. Finally, Decker Retirement Planning Inc. purchased a new stake in Adobe during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $449.40 on Friday. The company has a market cap of $195.62 billion, a P/E ratio of 36.24, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The business’s 50-day simple moving average is $439.56 and its 200 day simple moving average is $487.15.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the business earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. UBS Group dropped their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Bank of America dropped their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Oppenheimer dropped their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $567.81.

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.