Adobe Inc. (NASDAQ:ADBE) Shares Sold by Convergence Financial LLC

Convergence Financial LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,368 shares of the software company’s stock after selling 31 shares during the quarter. Convergence Financial LLC’s holdings in Adobe were worth $608,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Connable Office Inc. increased its holdings in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares during the last quarter. 1ST Source Bank lifted its position in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. James J. Burns & Company LLC increased its stake in Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after buying an additional 22 shares during the period. Holistic Financial Partners boosted its holdings in Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. Finally, Latitude Advisors LLC raised its position in Adobe by 4.3% in the third quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock worth $287,000 after acquiring an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last ninety days. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Mizuho reduced their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Trading Down 0.4 %

Shares of Adobe stock opened at $441.50 on Thursday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The stock has a market cap of $192.18 billion, a P/E ratio of 35.60, a P/E/G ratio of 2.15 and a beta of 1.31. The business’s 50 day moving average is $439.88 and its 200-day moving average is $492.27. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $3.52 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share 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.