Gen Wealth Partners Inc Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Gen Wealth Partners Inc lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, HoldingsChannel reports. The firm owned 926 shares of the software company’s stock after selling 34 shares during the period. Gen Wealth Partners Inc’s holdings in Adobe were worth $412,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. ORG Partners LLC grew its stake in Adobe by 64.4% in the fourth quarter. ORG Partners LLC now owns 513 shares of the software company’s stock worth $228,000 after purchasing an additional 201 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Adobe by 3.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,835 shares of the software company’s stock valued at $2,595,000 after buying an additional 173 shares during the last quarter. HBW Advisory Services LLC increased its position in Adobe by 3.3% in the 4th quarter. HBW Advisory Services LLC now owns 920 shares of the software company’s stock valued at $409,000 after acquiring an additional 29 shares during the period. Finally, Czech National Bank raised its stake in shares of Adobe by 5.7% during the fourth quarter. Czech National Bank now owns 95,445 shares of the software company’s stock valued at $42,442,000 after purchasing an additional 5,120 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Oppenheimer cut their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Mizuho lowered their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada dropped their price target on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. Finally, Robert W. Baird reduced their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $383.28 on Friday. The stock has a market capitalization of $163.35 billion, a price-to-earnings ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s fifty day moving average price is $379.67 and its two-hundred day moving average price is $436.75. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.