Evoke Wealth LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Evoke Wealth LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,120 shares of the software company’s stock after selling 431 shares during the period. Evoke Wealth LLC’s holdings in Adobe were worth $4,055,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. 1ST Source Bank grew its holdings in shares of Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. Holistic Financial Partners boosted its position in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. Foster Group Inc. grew its stake in Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after purchasing an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC raised its holdings in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after purchasing an additional 23 shares in the last quarter. Finally, Veery Capital LLC lifted its position in Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE opened at $399.34 on Tuesday. The stock has a 50-day simple moving average of $436.39 and a two-hundred day simple moving average of $480.30. 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 Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The firm has a market capitalization of $173.88 billion, a PE ratio of 32.20, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm posted $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. UBS Group lowered their price target on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. BMO Capital Markets reduced their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, KeyCorp cut their target price on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $540.60.

Adobe Company 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.