Adobe Inc. (NASDAQ:ADBE) Shares Sold by Formidable Asset Management LLC

Formidable Asset Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,266 shares of the software company's stock after selling 755 shares during the period. Formidable Asset Management LLC's holdings in Adobe were worth $3,231,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Caitlin John LLC increased its holdings in shares of Adobe by 171.4% during the 4th 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 last quarter. Avion Wealth increased its holdings in shares of Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after buying an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC increased its holdings in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The shares were bought at an average price 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Redburn Atlantic initiated coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating for the company. Jefferies Financial Group lowered their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Bank of America lowered their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Finally, KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Price Performance

ADBE traded up $5.41 on Tuesday, hitting $413.10. 2,678,312 shares of the company were exchanged, compared to its average volume of 3,446,947. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business's fifty day moving average is $377.53 and its 200 day moving average is $430.35. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market capitalization of $176.06 billion, a P/E ratio of 33.31, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current 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.