Adobe Inc. (NASDAQ:ADBE) Stake Lessened by Sunbelt Securities Inc.

Sunbelt Securities Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 30.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 large investors also recently bought and sold shares of ADBE. Summit Securities Group LLC purchased a new stake in Adobe during the fourth quarter valued at $31,000. Caitlin John LLC lifted its stake in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares during the period. Mascoma Wealth Management LLC boosted its stake 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 acquiring an additional 50 shares during the last quarter. LFA Lugano Financial Advisors SA bought a new position in Adobe in the 4th quarter worth $38,000. Finally, Avion Wealth lifted its position in 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 purchasing an additional 46 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADBE. Wells Fargo & Company lowered their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Citigroup reduced their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Finally, DA Davidson dropped their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction 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 $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company's stock.

Adobe Trading Up 0.1%

Shares of NASDAQ:ADBE traded up $0.56 during trading on Thursday, reaching $412.79. The stock had a trading volume of 644,512 shares, compared to its average volume of 3,434,643. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The business has a fifty day moving average price of $378.50 and a 200-day moving average price of $430.10. The stock has a market cap of $175.93 billion, a P/E ratio of 33.28, a PEG ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS 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 company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.