Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wright Investors Service Inc.

Wright Investors Service Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 68.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,029 shares of the software company’s stock after selling 4,431 shares during the period. Wright Investors Service Inc.’s holdings in Adobe were worth $902,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Redwood Wealth Management Group LLC grew its stake in shares of Adobe by 3.0% during the second quarter. Redwood Wealth Management Group LLC now owns 795 shares of the software company’s stock worth $442,000 after purchasing an additional 23 shares in the last quarter. Brown Brothers Harriman & Co. lifted its holdings in shares of Adobe by 21.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 445,458 shares of the software company’s stock valued at $247,470,000 after purchasing an additional 78,080 shares during the last quarter. Fairfield Financial Advisors LTD acquired a new stake in shares of Adobe in the 2nd quarter valued at about $165,000. Angeles Investment Advisors LLC grew its stake in Adobe by 62.0% during the 2nd quarter. Angeles Investment Advisors LLC now owns 2,526 shares of the software company’s stock worth $1,403,000 after buying an additional 967 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after buying an additional 185,737 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Piper Sandler decreased their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Royal Bank of Canada decreased their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Stock Performance

Shares of ADBE opened at $408.50 on Tuesday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The stock has a market cap of $179.82 billion, a P/E ratio of 32.94, a PEG ratio of 2.51 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $482.55 and a two-hundred day moving average of $516.02.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.52 EPS. As a group, research analysts predict that Adobe Inc. will post 16.73 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.