Westover Capital Advisors LLC Has $544,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Westover Capital Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,223 shares of the software company’s stock after selling 24 shares during the quarter. Westover Capital Advisors LLC’s holdings in Adobe were worth $544,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Connable Office Inc. boosted its stake in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares during the last quarter. 1ST Source Bank lifted its stake in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. James J. Burns & Company LLC boosted its position in shares of Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after purchasing an additional 22 shares during the last quarter. Holistic Financial Partners grew its stake in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after purchasing an additional 22 shares during the period. Finally, Beacon Financial Advisory LLC increased its holdings in Adobe by 4.8% in the third quarter. Beacon Financial Advisory LLC now owns 498 shares of the software company’s stock valued at $258,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Barclays decreased their price objective on shares of 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 target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Finally, BMO Capital Markets lowered their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the business’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 sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $440.72 on Tuesday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The stock has a market cap of $191.85 billion, a PE ratio of 35.54, a P/E/G ratio of 2.15 and a beta of 1.31. The firm has a 50-day moving average of $439.59 and a 200-day moving average of $489.79. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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