Baker Tilly Wealth Management LLC Sells 579 Shares of Adobe Inc. (NASDAQ:ADBE)

Baker Tilly Wealth Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 33.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,135 shares of the software company’s stock after selling 579 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Adobe were worth $588,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Vanguard Group Inc. raised its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after acquiring an additional 185,737 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $484.66 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average price is $530.03 and its 200-day moving average price is $515.96. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market cap of $214.90 billion, a P/E ratio of 43.55, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were 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 owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by corporate insiders.

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.