Wintrust Investments LLC Sells 71 Shares of Adobe Inc. (NASDAQ:ADBE)

Wintrust Investments LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 40.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103 shares of the software company’s stock after selling 71 shares during the period. Wintrust Investments LLC’s holdings in Adobe were worth $45,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment grew its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC grew its holdings in shares of 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 acquiring an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe in the 4th quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company cut their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $539.46.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred 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 $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 over the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Down 13.9 %

Shares of ADBE opened at $377.84 on Friday. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The firm’s 50 day moving average is $437.74 and its 200-day moving average is $483.80. The stock has a market capitalization of $164.51 billion, a PE ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for 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 period last year, the firm posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.