Robertson Stephens Wealth Management LLC Sells 566 Shares of Adobe Inc. (NASDAQ:ADBE)

Robertson Stephens Wealth Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,403 shares of the software company’s stock after selling 566 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Adobe were worth $1,689,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sepio Capital LP increased its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank grew its position in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC increased its stake in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC raised its holdings in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC boosted its stake in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after buying an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $382.68 on Wednesday. The firm has a market capitalization of $163.10 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The business’s 50 day simple moving average is $388.36 and its 200-day simple moving average is $419.38. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADBE. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Royal Bank Of Canada restated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. DA Davidson lowered their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, UBS Group boosted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by company insiders.

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.