Nicola Wealth Management LTD. Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Nicola Wealth Management LTD. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 18.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,100 shares of the software company’s stock after selling 9,400 shares during the period. Adobe comprises approximately 1.9% of Nicola Wealth Management LTD.’s holdings, making the stock its 19th largest holding. Nicola Wealth Management LTD.’s holdings in Adobe were worth $18,276,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC grew its stake in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. FMR LLC grew its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe in the fourth quarter worth about $110,744,000. Finally, Erste Asset Management GmbH acquired a new stake in Adobe in the third quarter worth about $126,703,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Oppenheimer lowered their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Adobe Trading Up 0.5 %

Shares of ADBE stock opened at $440.72 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $191.85 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 2.15 and a beta of 1.31. The stock has a 50 day simple moving average of $439.59 and a 200-day simple moving average of $489.79. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75.

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

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.