Wedbush Securities Inc. Sells 77 Shares of Adobe Inc. (NASDAQ:ADBE)

Wedbush Securities Inc. cut its position in Adobe Inc. (NASDAQ:ADBE) by 0.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 15,621 shares of the software company’s stock after selling 77 shares during the period. Wedbush Securities Inc.’s holdings in Adobe were worth $6,946,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in Adobe during the 4th quarter worth about $2,553,035,000. Proficio Capital Partners LLC increased its position in Adobe by 82,528.8% during the 4th 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 period. Arrowstreet Capital Limited Partnership raised its holdings in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Adobe in the 4th quarter worth approximately $243,827,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Adobe by 42.3% in the 4th 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. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on 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 completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ADBE shares. BMO Capital Markets lowered their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Finally, Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned 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 target price of $531.54.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $349.07 on Friday. The company has a market capitalization of $148.77 billion, a PE ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $425.66 and its 200-day moving average price is $463.96. Adobe Inc. has a twelve month low of $348.80 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last announced 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 firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 EPS. On average, equities 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.