Absher Wealth Management LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Absher Wealth Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 74.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,393 shares of the software company’s stock after purchasing an additional 1,872 shares during the period. Absher Wealth Management LLC’s holdings in Adobe were worth $1,953,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. lifted its stake in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares during the last quarter. 1ST Source Bank grew its holdings in shares of Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. James J. Burns & Company LLC increased its position in shares of Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after purchasing an additional 22 shares during the last quarter. Finally, Holistic Financial Partners raised its holdings in Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after buying an additional 22 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and dropped their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets decreased their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

Shares of ADBE stock opened at $437.63 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $190.50 billion, a PE ratio of 35.29, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. The stock has a fifty day moving average price of $458.66 and a 200 day moving average price of $501.38.

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