Sunbelt Securities Inc. Sells 1,203 Shares of Adobe Inc. (NASDAQ:ADBE)

Sunbelt Securities Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 30.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,723 shares of the software company's stock after selling 1,203 shares during the period. Sunbelt Securities Inc.'s holdings in Adobe were worth $1,214,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank bought a new position in Adobe during the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Northern Trust Corp lifted its stake in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC grew its position in Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of Adobe stock traded down $0.87 during trading hours on Wednesday, hitting $412.23. 2,222,032 shares of the company's stock traded hands, compared to its average volume of 3,442,112. The stock has a market capitalization 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 12-month low of $332.01 and a 12-month high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a fifty day simple moving average of $378.00 and a 200-day simple moving average of $430.23.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company earned $4.48 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADBE. Piper Sandler lowered 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. DA Davidson dropped their price target 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. BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Redburn Atlantic began coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Finally, Bank of America cut their target price 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. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.