Octavia Wealth Advisors LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Octavia Wealth Advisors LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 662 shares of the software company’s stock after selling 66 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Adobe were worth $343,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Trust raised its stake in Adobe by 19.1% in the 4th quarter. American Trust now owns 499 shares of the software company’s stock valued at $298,000 after purchasing an additional 80 shares during the last quarter. Garde Capital Inc. grew its holdings in shares of Adobe by 17.6% during the fourth quarter. Garde Capital Inc. now owns 541 shares of the software company’s stock worth $323,000 after buying an additional 81 shares in the last quarter. Raleigh Capital Management Inc. raised its position in shares of Adobe by 11.3% in the fourth quarter. Raleigh Capital Management Inc. now owns 622 shares of the software company’s stock valued at $371,000 after buying an additional 63 shares during the last quarter. Scarborough Advisors LLC purchased a new position in shares of Adobe in the fourth quarter worth about $61,000. Finally, Beacon Financial Group acquired a new position in Adobe during the fourth quarter worth about $343,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ADBE shares. Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen 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 currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 1.6 %

Shares of ADBE stock opened at $495.42 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $219.67 billion, a P/E ratio of 44.51, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a 50 day moving average price of $537.29 and a 200 day moving average price of $515.80. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.26 earnings per share. Equities research analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,759 shares of company stock worth $17,642,653. Corporate insiders own 0.15% of the company’s stock.

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.