Western Wealth Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 48.5% during the 4th quarter, according to its most recent Form 13F filing with the 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 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $31,000. Caitlin John LLC boosted its position in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the period. Avion Wealth grew its holdings in shares of Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after buying an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC raised its position in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Insider Buying and Selling
In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were 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 directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was 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 through this link. 0.16% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of brokerages have commented on ADBE. Stifel Nicolaus decreased their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, Wells Fargo & Company dropped their price target on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Eleven investment 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 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.
Get Our Latest Analysis on ADBE
Adobe Stock Performance
Shares of NASDAQ ADBE traded down $0.87 during trading hours on Wednesday, reaching $412.23. The stock had a trading volume of 2,237,547 shares, compared to its average volume of 3,442,130. The company has a market cap of $175.69 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The business's fifty day moving average is $378.00 and its two-hundred day moving average is $430.23. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates 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 last year, the firm earned $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.
About Adobe
(
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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