Principle Wealth Partners LLC Sells 1,136 Shares of Adobe Inc. (NASDAQ:ADBE)

Principle Wealth Partners LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 31.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,518 shares of the software company's stock after selling 1,136 shares during the quarter. Principle Wealth Partners LLC's holdings in Adobe were worth $1,120,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter worth $26,000. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe during the third quarter valued at about $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after buying an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Adobe during the third quarter valued at $36,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

ADBE traded up $0.94 during midday trading on Friday, reaching $460.16. The company's stock had a trading volume of 2,621,864 shares, compared to its average volume of 3,673,081. The stock has a market cap of $200.31 billion, a P/E ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31. The company has a fifty day simple moving average of $448.41 and a 200 day simple moving average of $497.41. 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 Inc. has a twelve month low of $403.75 and a twelve month high of $607.32.

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Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the company earned $3.52 EPS. The company's quarterly revenue was up 11.1% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ADBE shares. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a report on Monday, December 9th. StockNews.com raised Adobe from a "buy" rating to a "strong-buy" rating in a report on Tuesday, January 28th. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average price target of $573.00.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by company insiders.

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.