Corient Private Wealth LLC Sells 26,026 Shares of Adobe Inc. (NASDAQ:ADBE)

Corient Private Wealth LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 7.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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’s holdings in Adobe were worth $152,479,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Swedbank AB lifted its stake in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank lifted its stake in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after acquiring an additional 428 shares during the period. MQS Management LLC bought a new position in Adobe during the 3rd quarter valued at about $234,000. OneDigital Investment Advisors LLC lifted its stake in Adobe by 1.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,002 shares of the software company’s stock valued at $3,108,000 after acquiring an additional 104 shares during the period. Finally, Empowered Funds LLC lifted its stake in Adobe by 28.9% during the 3rd quarter. Empowered Funds LLC now owns 12,538 shares of the software company’s stock valued at $6,492,000 after acquiring an additional 2,811 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was bought 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 $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last three months. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ADBE. Robert W. Baird lowered their price objective on shares of Adobe from $500.00 to $490.00 and set a “neutral” rating on the stock in a research note on Thursday. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada reduced their target price on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Mizuho reduced their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $540.60.

Adobe Trading Up 4.5 %

ADBE stock opened at $394.74 on Friday. The firm has a market cap of $171.87 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm has a fifty day moving average price of $437.03 and a 200 day moving average price of $482.06. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company 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 period last year, the company earned $4.48 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.