Wesbanco Bank Inc. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Wesbanco Bank Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 83.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,569 shares of the software company's stock after selling 7,998 shares during the period. Wesbanco Bank Inc.'s holdings in Adobe were worth $602,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Sepio Capital LP lifted its position in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank increased its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC raised its stake in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC lifted its holdings in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC boosted its position in shares of Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after buying an additional 23 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ ADBE traded down $22.00 during trading on Friday, hitting $391.68. 10,615,979 shares of the company's stock traded hands, compared to its average volume of 3,447,635. 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 stock has a market capitalization of $166.93 billion, a price-to-earnings ratio of 31.59, 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 business has a 50 day moving average of $385.73 and a 200-day moving average of $422.64.

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 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 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, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their price objective on Adobe from $430.00 to $470.00 and gave the company an "overweight" rating in a research note on Friday. Robert W. Baird reduced their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Stifel Nicolaus dropped their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $494.67.

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.