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

Geller Advisors LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 3.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,085 shares of the software company’s stock after selling 76 shares during the period. Geller Advisors LLC’s holdings in Adobe were worth $927,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Grace & Mercy Foundation Inc. boosted its stake in Adobe by 13.2% during the 4th quarter. Grace & Mercy Foundation Inc. now owns 116,120 shares of the software company’s stock worth $51,636,000 after purchasing an additional 13,520 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Adobe by 106.2% in the fourth quarter. Focus Partners Wealth now owns 78,731 shares of the software company’s stock worth $35,831,000 after buying an additional 40,548 shares in the last quarter. Fosun International Ltd boosted its position in Adobe by 49.7% during the fourth quarter. Fosun International Ltd now owns 4,579 shares of the software company’s stock worth $2,036,000 after acquiring an additional 1,521 shares during the last quarter. Elefante Mark B purchased a new stake in Adobe during the 4th quarter valued at about $385,000. Finally, Ethic Inc. raised its holdings in Adobe by 12.0% in the 4th quarter. Ethic Inc. now owns 45,775 shares of the software company’s stock valued at $20,355,000 after acquiring an additional 4,898 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.2 %

Shares of ADBE opened at $383.28 on Friday. 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 stock has a market capitalization of $163.35 billion, a PE ratio of 30.91, a P/E/G ratio of 2.15 and a beta of 1.55. The company’s 50-day simple moving average is $379.67 and its 200-day simple moving average is $437.08. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during 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 last year, the company posted $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe 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 transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ADBE shares. Evercore ISI lowered their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Stifel Nicolaus lowered their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Piper Sandler cut their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Oppenheimer lowered their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $502.88.

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.