Adobe Inc. (NASDAQ:ADBE) Shares Sold by Signal Advisors Wealth LLC

Signal Advisors Wealth LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 26.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,116 shares of the software company’s stock after selling 1,108 shares during the period. Signal Advisors Wealth LLC’s holdings in Adobe were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank acquired a new position in shares of Adobe in the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp increased its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC increased its holdings in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ADBE shares. Redburn Atlantic started coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Wells Fargo & Company cut their price objective on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Finally, Mizuho cut their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Eleven equities 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’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Up 0.4%

Shares of NASDAQ ADBE opened at $416.92 on Friday. The company’s 50-day simple moving average is $381.41 and its 200-day simple moving average is $425.24. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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. 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 analysts’ expectations of $5.66 billion. During the same period in the previous year, the firm posted $4.48 EPS. Equities analysts predict 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.