Guardian Asset Advisors LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Guardian Asset Advisors LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.4% during the 4th quarter, Holdings Channel reports. The firm owned 955 shares of the software company’s stock after selling 88 shares during the period. Guardian Asset Advisors LLC’s holdings in Adobe were worth $425,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of ADBE. CX Institutional grew its holdings in Adobe by 4.2% in the 3rd quarter. CX Institutional now owns 2,298 shares of the software company’s stock valued at $1,190,000 after buying an additional 93 shares during the period. Creative Planning grew its holdings in Adobe by 34.9% in the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock valued at $84,750,000 after purchasing an additional 42,736 shares during the period. Swedbank AB increased its position in Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Magnus Financial Group LLC raised its stake in Adobe by 9.2% during the third quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after purchasing an additional 78 shares during the period. Finally, Petredis Investment Advisors LLC boosted its holdings in shares of Adobe by 0.3% in the 3rd quarter. Petredis Investment Advisors LLC now owns 7,810 shares of the software company’s stock valued at $4,044,000 after purchasing an additional 24 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s 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. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADBE shares. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Stifel Nicolaus dropped their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Royal Bank of Canada decreased their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

ADBE opened at $462.76 on Thursday. 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 company’s 50-day moving average price is $449.99 and its 200 day moving average price is $497.68. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $610.33. The firm has a market cap of $201.44 billion, a price-to-earnings ratio of 37.32, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm earned $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current 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.