Adobe Inc. (NASDAQ:ADBE) Shares Sold by Gen Wealth Partners Inc

Gen Wealth Partners Inc lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 926 shares of the software company’s stock after selling 34 shares during the period. Gen Wealth Partners Inc’s holdings in Adobe were worth $412,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. ORG Partners LLC raised its holdings in Adobe by 64.4% during the fourth quarter. ORG Partners LLC now owns 513 shares of the software company’s stock worth $228,000 after purchasing an additional 201 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Adobe by 3.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 5,835 shares of the software company’s stock valued at $2,595,000 after acquiring an additional 173 shares in the last quarter. HBW Advisory Services LLC grew its holdings in shares of Adobe by 3.3% during the fourth quarter. HBW Advisory Services LLC now owns 920 shares of the software company’s stock worth $409,000 after purchasing an additional 29 shares during the last quarter. Finally, Czech National Bank increased its position in shares of Adobe by 5.7% during the fourth quarter. Czech National Bank now owns 95,445 shares of the software company’s stock worth $42,442,000 after purchasing an additional 5,120 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, 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 SEC, which is available at this link. 0.16% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Stifel Nicolaus decreased their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Robert W. Baird dropped their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Adobe Stock Down 0.2 %

Shares of NASDAQ ADBE opened at $383.28 on Friday. The firm’s 50 day moving average price is $379.67 and its 200 day moving average price is $436.75. 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 cap of $163.35 billion, a P/E ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

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

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.