Corient Private Wealth LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Corient Private Wealth LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 345,118 shares of the software company’s stock after selling 26,026 shares during the period. Corient Private Wealth LLC owned 0.08% of Adobe worth $152,479,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC lifted its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. FMR LLC lifted its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Adobe during the fourth quarter valued at approximately $243,827,000. Assenagon Asset Management S.A. lifted its position in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd bought a new stake in Adobe during the fourth quarter valued at approximately $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent research reports. Oppenheimer lowered their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Wells Fargo & Company lowered their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Royal Bank of Canada lowered their price objective on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Redburn Atlantic initiated coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, Piper Sandler lowered their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $540.60.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Up 4.5 %

Shares of Adobe stock opened at $394.74 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $437.03 and its two-hundred day simple moving average is $482.06. The company has a market cap of $171.87 billion, a P/E ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm earned $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.