Moody National Bank Trust Division Sells 6,065 Shares of Adobe Inc. (NASDAQ:ADBE)

Moody National Bank Trust Division decreased its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 52.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,400 shares of the software company’s stock after selling 6,065 shares during the quarter. Moody National Bank Trust Division’s holdings in Adobe were worth $3,222,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. One Charles Private Wealth Services LLC boosted its stake in Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after buying an additional 17 shares in the last quarter. Invst LLC boosted its stake in Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its stake in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares in the last quarter. Valley Wealth Managers Inc. lifted its position in Adobe by 2.6% in the third quarter. Valley Wealth Managers Inc. now owns 704 shares of the software company’s stock valued at $359,000 after purchasing an additional 18 shares during the last quarter. Finally, Catalyst Private Wealth LLC lifted its position in Adobe by 3.9% in the fourth quarter. Catalyst Private Wealth LLC now owns 475 shares of the software company’s stock valued at $283,000 after purchasing an additional 18 shares during the last quarter. Institutional investors own 80.00% of the company’s stock.

Adobe Trading Down 0.4 %

Adobe stock traded down $2.05 during mid-day trading on Wednesday, hitting $519.14. The company’s stock had a trading volume of 4,233,952 shares, compared to its average volume of 3,613,171. The company has a 50 day moving average of $582.08 and a 200-day moving average of $573.44. The stock has a market cap of $234.94 billion, a PE ratio of 49.63, a P/E/G ratio of 2.75 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.46 EPS for the current year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Shantanu Narayen sold 32,000 shares of the company’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the completion of the sale, the chief executive officer now directly owns 377,928 shares in the company, valued at approximately $226,106,763.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,162 shares of company stock valued at $26,276,030. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADBE shares. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Friday, March 15th. HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Piper Sandler lowered their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. reduced their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $627.00.

Check Out Our Latest Stock Analysis on Adobe

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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