Twin Peaks Wealth Advisors LLC Sells 142 Shares of Adobe Inc. (NASDAQ:ADBE)

Twin Peaks Wealth Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 15.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 792 shares of the software company’s stock after selling 142 shares during the quarter. Twin Peaks Wealth Advisors LLC’s holdings in Adobe were worth $352,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp increased its stake in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the last quarter. FMR LLC boosted its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after acquiring an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 3.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction 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 sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. UBS Group dropped their price target 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. TD Cowen downgraded 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 report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $444.42 on Tuesday. The company has a market capitalization 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 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 1-year low of $403.75 and a 1-year high of $587.75. The firm’s 50 day simple moving average is $440.12 and its two-hundred day simple moving average is $493.28.

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 firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.52 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.