SVB Wealth LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

SVB Wealth LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 18.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,797 shares of the software company’s stock after selling 4,627 shares during the quarter. SVB Wealth LLC’s holdings in Adobe were worth $10,998,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Tradewinds Capital Management LLC lifted its holdings in 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 purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings 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 buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter worth $33,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the second quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on 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 transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last three months. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. Piper Sandler lowered their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 target price on shares of Adobe in a report on Thursday, August 1st. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Mizuho restated a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $605.52.

Adobe Stock Performance

NASDAQ ADBE traded down $4.52 on Friday, reaching $563.41. The stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The business’s 50-day moving average price is $553.72 and its 200 day moving average price is $519.38. The stock has a market cap of $249.82 billion, a P/E ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the previous year, the business earned $3.04 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 14.69 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.