ORG Wealth Partners LLC Sells 294 Shares of Adobe Inc. (NASDAQ:ADBE)

ORG Wealth Partners LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,072 shares of the software company’s stock after selling 294 shares during the period. ORG Wealth Partners LLC’s holdings in Adobe were worth $477,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Ridgewood Investments LLC raised its stake in shares of Adobe by 38.9% in the 4th quarter. Ridgewood Investments LLC now owns 3,178 shares of the software company’s stock valued at $1,413,000 after purchasing an additional 890 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Adobe by 1.4% in 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 last quarter. ORG Partners LLC increased its position in shares of Adobe by 64.4% in the fourth quarter. ORG Partners LLC now owns 513 shares of the software company’s stock valued at $228,000 after acquiring an additional 201 shares during the last quarter. Fortitude Family Office LLC increased its position in shares of Adobe by 15.6% in the fourth quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock valued at $89,000 after acquiring an additional 27 shares during the last quarter. Finally, Fulton Bank N.A. increased its position in shares of Adobe by 3.2% in the fourth quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock valued at $7,195,000 after acquiring an additional 499 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Stifel Nicolaus lowered their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. UBS Group lowered their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 over the last 90 days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of Adobe stock traded down $13.69 during trading hours on Friday, reaching $405.89. 2,467,903 shares of the company’s stock were exchanged, compared to its average volume of 3,690,577. Adobe Inc. has a 1 year low of $405.42 and a 1 year high of $638.25. The company has a market capitalization of $178.67 billion, a P/E ratio of 32.73, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The business has a fifty day moving average of $485.54 and a two-hundred day moving average of $517.97. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 16.73 earnings per share 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.