Oppenheimer Asset Management Inc. Sells 7,612 Shares of Adobe Inc. (NASDAQ:ADBE)

Oppenheimer Asset Management Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,922 shares of the software company's stock after selling 7,612 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Adobe were worth $44,878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Legacy Investment Solutions LLC bought a new position in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment boosted its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the third quarter worth $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in Adobe during the fourth quarter worth about $31,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Adobe stock traded up $1.30 during trading hours on Friday, hitting $438.49. The company had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. The firm has a market cap of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm has a 50-day moving average of $439.71 and a 200 day moving average of $490.93.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 EPS. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada restated an "outperform" rating and issued a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating on the stock in a research report on Monday, December 9th. UBS Group cut their price target on shares of Adobe from $525.00 to $475.00 and set a "neutral" rating on the stock in a research report on Friday, January 3rd. Finally, Piper Sandler cut 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 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. Based on data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $570.88.

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.