Meadow Creek Wealth Advisors LLC Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Meadow Creek Wealth Advisors LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 24.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 763 shares of the software company’s stock after selling 253 shares during the period. Meadow Creek Wealth Advisors LLC’s holdings in Adobe were worth $339,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Absher Wealth Management LLC grew its holdings in Adobe by 74.3% in the 4th quarter. Absher Wealth Management LLC now owns 4,393 shares of the software company’s stock valued at $1,953,000 after buying an additional 1,872 shares during the period. Choreo LLC boosted its position in shares of Adobe by 3.3% in the fourth quarter. Choreo LLC now owns 17,201 shares of the software company’s stock worth $7,663,000 after acquiring an additional 554 shares during the last quarter. Tectonic Advisors LLC grew its holdings in Adobe by 12.8% in the fourth quarter. Tectonic Advisors LLC now owns 5,712 shares of the software company’s stock valued at $2,540,000 after purchasing an additional 650 shares during the period. Lion Street Advisors LLC increased its position in Adobe by 20.4% during the fourth quarter. Lion Street Advisors LLC now owns 520 shares of the software company’s stock worth $231,000 after purchasing an additional 88 shares during the last quarter. Finally, Country Club Bank raised its stake in Adobe by 5.5% during the fourth quarter. Country Club Bank now owns 3,298 shares of the software company’s stock worth $1,470,000 after purchasing an additional 171 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Oppenheimer reduced their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Citigroup cut their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of ADBE opened at $437.63 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $628.07. The business’s fifty day moving average price is $458.66 and its 200 day moving average price is $501.38. The stock has a market capitalization of $190.50 billion, a PE ratio of 35.29, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

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

Insider Activity

In other 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 transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Adobe Company 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.