Greenup Street Wealth Management LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Greenup Street Wealth Management LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 14.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,621 shares of the software company’s stock after selling 798 shares during the period. Greenup Street Wealth Management LLC’s holdings in Adobe were worth $2,055,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the third quarter valued at about $26,000. Piscataqua Savings Bank lifted its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at about $30,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% in 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, Briaud Financial Planning Inc acquired a new position in Adobe during the 3rd quarter worth approximately $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.7 %

Shares of NASDAQ:ADBE opened at $438.59 on Tuesday. The stock has a 50-day simple moving average of $468.14 and a 200-day simple moving average of $507.26. The stock has a market capitalization of $190.92 billion, a P/E ratio of 35.37, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company decreased their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Finally, DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Company 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.