Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 56.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,074,574 shares of the software company's stock after selling 1,409,625 shares during the quarter. Wellington Management Group LLP owned about 0.25% of Adobe worth $477,842,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ADBE. United Bank increased its position in shares of 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 purchasing an additional 428 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Adobe in the third quarter valued at $719,000. Tradition Wealth Management LLC lifted its holdings in shares of Adobe by 2.8% in the 3rd quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock worth $1,370,000 after acquiring an additional 73 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, FSA Wealth Management LLC purchased a new stake in Adobe in the 3rd quarter worth about $81,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock traded down $16.32 during trading on Thursday, reaching $369.46. The company had a trading volume of 3,403,466 shares, compared to its average volume of 3,329,765. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm's 50-day simple moving average is $428.78 and its 200 day simple moving average is $465.84. The firm has a market capitalization of $157.46 billion, a PE ratio of 29.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 1-year low of $367.96 and a 1-year high of $587.75.

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Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was acquired 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 of the company's stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Morgan Stanley decreased their price objective on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Wells Fargo & Company cut their price target on Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th. StockNews.com cut Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Piper Sandler decreased 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. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $531.54.

Adobe 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.