Processus Wealth & Capital Management LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Processus Wealth & Capital Management LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,241 shares of the software company’s stock after selling 374 shares during the quarter. Adobe comprises 1.5% of Processus Wealth & Capital Management LLC’s investment portfolio, making the stock its 25th biggest position. Processus Wealth & Capital Management LLC’s holdings in Adobe were worth $1,886,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% in the 3rd 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. purchased a new stake in Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% in 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. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe in the 4th quarter worth $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of the business’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 directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.0 %

NASDAQ ADBE opened at $444.42 on Tuesday. The stock has a market cap of $193.46 billion, a P/E ratio of 35.84, a P/E/G ratio of 2.15 and a beta of 1.31. The stock’s fifty day moving average price is $440.12 and its 200-day moving average price is $493.28. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. DA Davidson decreased their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group reduced their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

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.