Moran Wealth Management LLC Sells 22,684 Shares of Adobe Inc. (NASDAQ:ADBE)

Moran Wealth Management LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 94.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,316 shares of the software company’s stock after selling 22,684 shares during the period. Moran Wealth Management LLC’s holdings in Adobe were worth $585,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp boosted its position in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC lifted its stake in shares of Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after buying an additional 147,981 shares during the last quarter. FMR LLC boosted its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the period. Fisher Asset Management LLC grew its stake in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 1.1 %

Shares of Adobe stock opened at $438.60 on Thursday. The firm’s 50 day moving average is $439.01 and its 200 day moving average is $484.54. The firm has a market capitalization of $190.97 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Royal Bank of Canada reduced their price objective on Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a report on Friday, March 7th. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company lowered their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Piper Sandler lowered their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $563.96.

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.