Kingswood Wealth Advisors LLC Sells 2,622 Shares of Adobe Inc. (NASDAQ:ADBE)

Kingswood Wealth Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 37.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,331 shares of the software company’s stock after selling 2,622 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Adobe were worth $1,926,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter worth approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter worth approximately $30,000. Finally, True Wealth Design LLC lifted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $438.59 on Tuesday. 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 firm has a market cap of $190.92 billion, a price-to-earnings ratio of 35.37, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The firm’s 50-day simple moving average is $468.14 and its two-hundred day simple moving average is $507.26.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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 business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. Sanford C. Bernstein lowered their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. UBS Group decreased their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Royal Bank of Canada dropped their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.