Western Wealth Management LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Western Wealth Management LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 48.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,059 shares of the software company's stock after selling 999 shares during the period. Western Wealth Management LLC's holdings in Adobe were worth $471,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vega Investment Solutions bought a new stake in shares of Adobe during the 4th quarter valued at approximately $400,000. GTS Securities LLC grew its holdings in shares of Adobe by 105.4% during the 4th quarter. GTS Securities LLC now owns 4,890 shares of the software company's stock valued at $2,174,000 after purchasing an additional 95,020 shares during the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Adobe during the 4th quarter valued at approximately $67,000. Breed s Hill Capital LLC bought a new stake in shares of Adobe during the 4th quarter valued at approximately $519,000. Finally, Vise Technologies Inc. grew its holdings in shares of Adobe by 12.0% during the 4th quarter. Vise Technologies Inc. now owns 9,566 shares of the software company's stock valued at $4,254,000 after purchasing an additional 1,026 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.16% of the company's stock.

Adobe Stock Up 1.3%

Shares of ADBE traded up $5.41 during trading hours on Tuesday, reaching $413.10. 2,678,312 shares of the stock traded hands, compared to its average volume of 3,446,947. The company has a market cap of $176.06 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a fifty day simple moving average of $377.53 and a 200 day simple moving average of $430.35. 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 released 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 company 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 period in the previous year, the business posted $4.48 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADBE shares. Oppenheimer reduced their target price on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. BMO Capital Markets reduced their price target on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. DA Davidson decreased their price target on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America decreased their price target on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Finally, KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $502.88.

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.