Revolve Wealth Partners LLC Sells 35 Shares of Adobe Inc. (NASDAQ:ADBE)

Revolve Wealth Partners LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 2.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,359 shares of the software company’s stock after selling 35 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Adobe were worth $755,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the fourth quarter valued at about $35,000. Lynx Investment Advisory bought a new stake in shares of Adobe in the second quarter worth about $39,000. Finally, First Community Trust NA acquired a new stake in shares of Adobe during the second quarter worth about $41,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock traded down $0.70 during mid-day trading on Friday, reaching $553.46. The company had a trading volume of 1,541,726 shares, compared to its average volume of 3,304,834. The business has a fifty day simple moving average of $537.27 and a 200 day simple moving average of $522.93. The company has a market cap of $245.40 billion, a P/E ratio of 49.73, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $3.04 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ADBE shares. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. Melius Research reissued a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Finally, Barclays lifted their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe 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.