Wellington Wealth Strategies LLC. Sells 986 Shares of Adobe Inc. (NASDAQ:ADBE)

Wellington Wealth Strategies LLC. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,040 shares of the software company's stock after selling 986 shares during the quarter. Adobe comprises 2.2% of Wellington Wealth Strategies LLC.'s holdings, making the stock its 12th largest holding. Wellington Wealth Strategies LLC.'s holdings in Adobe were worth $2,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter valued at approximately $31,000. Caitlin John LLC raised its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth raised its stake 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 period. Finally, Mascoma Wealth Management LLC raised 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 buying an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was 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. Company insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ADBE. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. BMO Capital Markets dropped their price target on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. 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 note on Tuesday, April 22nd. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Eleven 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $420.68 on Tuesday. The stock's 50-day moving average is $375.32 and its two-hundred day moving average is $433.19. 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 Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market cap of $179.29 billion, a price-to-earnings ratio of 33.93, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly 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 return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal 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.

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