IHT Wealth Management LLC Sells 178 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

IHT Wealth Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,729 shares of the software company’s stock after selling 178 shares during the period. IHT Wealth Management LLC’s holdings in Adobe were worth $2,103,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Decker Retirement Planning Inc. purchased a new stake in Adobe in the 4th quarter worth about $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. Caitlin John LLC raised its holdings in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the period. Avion Wealth lifted its stake in shares of Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after acquiring an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC boosted its holdings in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ADBE shares. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group decreased their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Robert W. Baird reduced their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $506.73.

Check Out Our Latest Stock Analysis on ADBE

Adobe Stock Performance

ADBE opened at $349.91 on Wednesday. The firm’s 50-day moving average price is $398.97 and its 200-day moving average price is $447.84. The company has a market cap of $149.13 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. 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 Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the company posted $4.48 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

About Adobe

(Free Report)

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.

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