Baker Tilly Wealth Management LLC Has $477,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Baker Tilly Wealth Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,073 shares of the software company’s stock after selling 62 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Adobe were worth $477,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the 3rd quarter valued at $26,000. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the third quarter valued at about $30,000. True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe in the third quarter valued at approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,293 shares of company stock worth $1,679,809. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ADBE shares. Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday. JMP Securities reaffirmed a “market perform” rating on shares of Adobe 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 Wednesday, December 18th. Finally, Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Stock Down 3.3 %

Shares of NASDAQ ADBE opened at $405.92 on Friday. Adobe Inc. has a 1 year low of $405.32 and a 1 year high of $638.25. The stock has a market capitalization of $178.69 billion, a P/E ratio of 32.74, a P/E/G ratio of 2.51 and a beta of 1.31. The company has a 50-day moving average price of $484.01 and a 200-day moving average price of $517.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.52 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.73 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.