Adobe Inc. (NASDAQ:ADBE) Shares Sold by Thrive Wealth Management LLC

by · The Cerbat Gem

Thrive Wealth Management LLC lessened its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 11.1% in the 1st quarter, Holdings Channel reports. The fund owned 1,279 shares of the software company’s stock after selling 159 shares during the period. Thrive Wealth Management LLC’s holdings in Adobe were worth $491,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ADBE. Brighton Jones LLC lifted its holdings in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after acquiring an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of Adobe during the 4th quarter worth $76,712,000. Ninety One UK Ltd increased its holdings in shares of Adobe by 36.1% in the 4th quarter. Ninety One UK Ltd now owns 84,957 shares of the software company’s stock valued at $37,779,000 after purchasing an additional 22,542 shares in the last quarter. Redwood Wealth Management Group LLC boosted its holdings in Adobe by 25.6% during the fourth quarter. Redwood Wealth Management Group LLC now owns 1,056 shares of the software company’s stock worth $470,000 after buying an additional 215 shares in the last quarter. Finally, Avitas Wealth Management LLC grew its position in Adobe by 0.6% during the fourth quarter. Avitas Wealth Management LLC now owns 6,229 shares of the software company’s stock worth $2,770,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.3%

Shares of ADBE opened at $413.91 on Thursday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company’s fifty day moving average is $380.10 and its two-hundred day moving average is $426.39. The firm has a market cap of $176.41 billion, a PE ratio of 33.38, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 – Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADBE. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Redburn Atlantic assumed coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Jefferies Financial Group cut their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Citigroup lowered their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Finally, Evercore ISI dropped their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $502.88.

Check Out Our Latest Stock Analysis on ADBE

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Adobe Company Profile

(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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