Adobe Inc. (NASDAQ:ADBE) Shares Sold by Angeles Wealth Management LLC

Angeles Wealth Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 24.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,687 shares of the software company’s stock after selling 541 shares during the quarter. Angeles Wealth Management LLC’s holdings in Adobe were worth $750,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADBE. State Street Corp increased its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after buying an additional 147,981 shares during the last quarter. FMR LLC raised its stake in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC lifted its holdings in Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada lowered their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Oppenheimer cut their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Down 0.5 %

Adobe stock opened at $433.07 on Monday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $628.07. 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 firm has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31. The company has a 50 day moving average price of $453.92 and a 200 day moving average price of $499.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.52 earnings per share. Research analysts forecast 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.