Avaii Wealth Management LLC Sells 242 Shares of Adobe Inc. (NASDAQ:ADBE)

Avaii Wealth Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 22.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 829 shares of the software company’s stock after selling 242 shares during the quarter. Avaii Wealth Management LLC’s holdings in Adobe were worth $429,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. nVerses Capital LLC bought a new position in shares of Adobe during the third quarter worth approximately $155,000. Naviter Wealth LLC increased its holdings in shares of Adobe by 2.9% during the third quarter. Naviter Wealth LLC now owns 4,923 shares of the software company’s stock worth $2,549,000 after purchasing an additional 137 shares during the period. Mayport LLC increased its stake in Adobe by 4.6% in the third quarter. Mayport LLC now owns 574 shares of the software company’s stock valued at $297,000 after acquiring an additional 25 shares during the last quarter. Probity Advisors Inc. raised its position in Adobe by 9.3% during the third quarter. Probity Advisors Inc. now owns 1,381 shares of the software company’s stock valued at $715,000 after purchasing an additional 118 shares in the last quarter. Finally, McCollum Christoferson Group LLC raised its position in Adobe by 1.0% during the third quarter. McCollum Christoferson Group LLC now owns 6,347 shares of the software company’s stock valued at $3,286,000 after purchasing an additional 60 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,078 shares of company stock valued at $16,700,246. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on ADBE shares. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 1.0 %

Shares of Adobe stock traded down $5.19 during trading on Thursday, hitting $497.35. The company’s stock had a trading volume of 637,224 shares, compared to its average volume of 3,212,225. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $220.52 billion, a price-to-earnings ratio of 44.50, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The stock has a 50-day moving average price of $536.95 and a two-hundred day moving average price of $515.85. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for 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 prior year, the firm posted $3.26 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

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.