Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sound View Wealth Advisors Group LLC

Sound View Wealth Advisors Group LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 684 shares of the software company’s stock after selling 66 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Adobe were worth $304,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADBE. Roberts Glore & Co. Inc. IL acquired a new position in shares of Adobe during the 4th quarter worth about $514,000. OFI Invest Asset Management acquired a new position in Adobe in the fourth quarter valued at approximately $5,647,000. United Community Bank increased its stake in Adobe by 9.0% in the fourth quarter. United Community Bank now owns 2,373 shares of the software company’s stock valued at $1,055,000 after purchasing an additional 195 shares during the last quarter. Atlantic Union Bankshares Corp increased its stake in Adobe by 5.0% in the fourth quarter. Atlantic Union Bankshares Corp now owns 21,032 shares of the software company’s stock valued at $9,352,000 after purchasing an additional 999 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its holdings in Adobe by 3.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,263 shares of the software company’s stock worth $3,674,000 after purchasing an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated 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 transaction, the executive vice president now 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 legal filing with the SEC, which is accessible through this link. Also, 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $435.08 on Tuesday. The firm’s fifty day simple moving average is $439.35 and its 200-day simple moving average is $485.74. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $189.44 billion, a PE ratio of 35.09, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last issued 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 company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company dropped their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday. Jefferies Financial Group reduced their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BMO Capital Markets set a $515.00 price target on Adobe and gave the stock an “outperform” rating in a research note on Friday. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $563.96.

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.