Transform Wealth LLC Sells 4,932 Shares of Adobe Inc. (NASDAQ:ADBE)

Transform Wealth LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 20,613 shares of the software company's stock after selling 4,932 shares during the quarter. Transform Wealth LLC's holdings in Adobe were worth $7,906,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sepio Capital LP lifted its stake in shares of Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank raised its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its position in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC grew its holdings in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Up 0.9%

ADBE traded up $3.51 during mid-day trading on Thursday, reaching $416.35. The stock had a trading volume of 1,801,162 shares, compared to its average volume of 3,402,286. The firm's fifty day simple moving average is $384.27 and its two-hundred day simple moving average is $423.37. The stock has a market capitalization of $177.45 billion, a P/E ratio of 33.58, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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, beating the consensus estimate 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 last year, the business earned $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's 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 completion of 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on ADBE shares. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Bank of America decreased their target price on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. BMO Capital Markets dropped their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Nine equities research 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 stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $503.33.

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.