Arthur M. Cohen & Associates LLC Sells 421 Shares of Adobe Inc. (NASDAQ:ADBE)

Arthur M. Cohen & Associates LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 40.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 630 shares of the software company’s stock after selling 421 shares during the quarter. Arthur M. Cohen & Associates LLC’s holdings in Adobe were worth $242,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Copia Wealth Management purchased a new position in shares of Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC bought a new stake in Adobe during the fourth quarter valued at approximately $28,000. Summit Securities Group LLC purchased a new position in Adobe in the 4th quarter worth approximately $31,000. Caitlin John LLC increased its holdings 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 buying an additional 48 shares during the last quarter. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe during the 4th quarter valued at $36,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.3%

ADBE stock opened at $413.91 on Thursday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50-day simple moving average of $380.10 and a 200-day simple moving average of $426.39. The stock has a market capitalization of $176.41 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ADBE shares. Piper Sandler cut their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. UBS Group decreased their price target on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley lowered their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Adobe Company 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.