HighMark Wealth Management LLC Has $39,000 Stake in Adobe Inc. (NASDAQ:ADBE)

HighMark Wealth Management LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 69.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 87 shares of the software company’s stock after selling 199 shares during the period. HighMark Wealth Management LLC’s holdings in Adobe were worth $39,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. FMR LLC lifted its stake in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after buying an additional 347,536 shares during the period. Seilern Investment Management Ltd bought a new position in Adobe in the 4th quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH acquired a new stake in Adobe during the third quarter worth approximately $126,703,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $460.16 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s fifty day moving average price is $446.56 and its 200-day moving average price is $496.20. Adobe Inc. has a one year low of $403.75 and a one year high of $607.32. The firm has a market capitalization of $200.31 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Mizuho reduced their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Bank of America lowered their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Jefferies Financial Group dropped their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.