Truist Financial Corp Sells 6,119 Shares of Adobe Inc. (NASDAQ:ADBE)

Truist Financial Corp lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 185,396 shares of the software company’s stock after selling 6,119 shares during the period. Truist Financial Corp’s holdings in Adobe were worth $82,442,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ADBE shares. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Shares of ADBE opened at $460.16 on Tuesday. The firm has a market cap of $200.31 billion, a PE ratio of 37.11, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $607.32. The business’s 50 day moving average price is $446.56 and its two-hundred day moving average price is $496.20. 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 earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.52 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

About Adobe

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.