Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bender Robert & Associates

Bender Robert & Associates reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,697 shares of the software company’s stock after selling 1,417 shares during the period. Adobe makes up about 2.4% of Bender Robert & Associates’ investment portfolio, making the stock its 13th biggest holding. Bender Robert & Associates’ holdings in Adobe were worth $10,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted 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. purchased a new position in shares of Adobe in the third quarter valued at $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe in the 4th quarter worth $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Barclays dropped their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned 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 stock presently has an average rating of “Moderate Buy” and an average target price of $563.96.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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 represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $433.66 on Wednesday. The company has a 50-day moving average of $439.13 and a two-hundred day moving average of $484.86. The stock has a market cap of $188.82 billion, a price-to-earnings ratio of 34.97, a PEG ratio of 2.15 and a beta of 1.37. 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.

Adobe (NASDAQ:ADBE) last posted 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. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share 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.