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

Thrive Wealth Management LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Lake Street Private Wealth LLC increased its holdings in shares of Adobe by 19.0% in the first quarter. Lake Street Private Wealth LLC now owns 9,008 shares of the software company’s stock valued at $3,455,000 after purchasing an additional 1,440 shares during the last quarter. HF Advisory Group LLC grew its holdings in Adobe by 17.2% in the 1st quarter. HF Advisory Group LLC now owns 3,630 shares of the software company’s stock valued at $1,392,000 after buying an additional 532 shares in the last quarter. Bay Rivers Group increased its stake in shares of Adobe by 19.9% in the 1st quarter. Bay Rivers Group now owns 975 shares of the software company’s stock worth $374,000 after acquiring an additional 162 shares during the last quarter. Channel Wealth LLC purchased a new position in shares of Adobe during the 1st quarter worth $3,775,000. Finally, Lifestyle Asset Management Inc. boosted its position in shares of Adobe by 26.7% during the 1st quarter. Lifestyle Asset Management Inc. now owns 665 shares of the software company’s stock valued at $255,000 after acquiring an additional 140 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Morgan Stanley reduced their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Mizuho reduced their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. BMO Capital Markets decreased their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. UBS Group cut their target price on Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $413.91 on Thursday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market capitalization of $176.41 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s fifty day moving average price is $380.10 and its 200 day moving average price is $426.39.

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

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.