Adobe Inc. (NASDAQ:ADBE) Stock Position Lowered by Thrive Wealth Management LLC

Thrive Wealth Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,486 shares of the software company’s stock after selling 34 shares during the period. Thrive Wealth Management LLC’s holdings in Adobe were worth $769,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC grew its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the second quarter valued at approximately $33,000. Lynx Investment Advisory acquired a new position in Adobe in the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.7 %

NASDAQ ADBE traded up $3.42 on Friday, reaching $507.22. The company had a trading volume of 1,948,936 shares, compared to its average volume of 3,224,393. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $224.90 billion, a price-to-earnings ratio of 45.57, a PEG ratio of 2.72 and a beta of 1.29. The stock’s 50 day moving average is $541.74 and its 200-day moving average is $516.31. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.26 earnings per share. Equities analysts predict that Adobe Inc. will post 14.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADBE shares. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Melius Research restated a “hold” rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Two research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was 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 directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by company insiders.

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.