Traveka Wealth LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Traveka Wealth LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 877 shares of the software company’s stock after selling 39 shares during the period. Traveka Wealth LLC’s holdings in Adobe were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Unique Wealth LLC boosted its holdings in Adobe by 11.0% during the 4th quarter. Unique Wealth LLC now owns 3,913 shares of the software company’s stock valued at $1,740,000 after acquiring an additional 387 shares during the period. FNY Investment Advisers LLC boosted its stake in shares of Adobe by 20,900.0% in the fourth quarter. FNY Investment Advisers LLC now owns 420 shares of the software company’s stock valued at $186,000 after purchasing an additional 418 shares during the period. Signet Financial Management LLC grew its holdings in shares of Adobe by 2.6% in the fourth quarter. Signet Financial Management LLC now owns 5,979 shares of the software company’s stock valued at $2,659,000 after purchasing an additional 153 shares in the last quarter. Miracle Mile Advisors LLC increased its stake in Adobe by 32.5% during the 4th quarter. Miracle Mile Advisors LLC now owns 2,089 shares of the software company’s stock worth $929,000 after buying an additional 512 shares during the period. Finally, Sunflower Bank N.A. lifted its holdings in Adobe by 15.1% during the 4th quarter. Sunflower Bank N.A. now owns 1,024 shares of the software company’s stock worth $455,000 after buying an additional 134 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Adobe stock opened at $408.50 on Tuesday. The business has a 50 day simple moving average of $482.55 and a 200-day simple moving average of $516.02. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $179.82 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for 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 business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.52 earnings per share. Equities analysts predict that Adobe Inc. will post 16.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Oppenheimer reduced their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets reduced their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,763 shares of company stock valued at $893,665. Corporate insiders own 0.15% of the company’s stock.

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.