Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,567 shares of the software company’s stock after selling 83 shares during the quarter. Wesbanco Bank Inc.’s holdings in Adobe were worth $4,254,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Daymark Wealth Partners LLC grew its holdings in Adobe by 77.1% during the 4th quarter. Daymark Wealth Partners LLC now owns 16,187 shares of the software company’s stock valued at $7,198,000 after buying an additional 7,045 shares during the last quarter. Eagle Wealth Strategies LLC lifted its stake in shares of Adobe by 6.2% during the 4th quarter. Eagle Wealth Strategies LLC now owns 698 shares of the software company’s stock worth $310,000 after purchasing an additional 41 shares during the period. Advisory Alpha LLC lifted its stake in shares of Adobe by 28.1% during the 4th quarter. Advisory Alpha LLC now owns 725 shares of the software company’s stock worth $322,000 after purchasing an additional 159 shares during the period. West Branch Capital LLC lifted its stake in shares of Adobe by 2.7% during the 4th quarter. West Branch Capital LLC now owns 4,583 shares of the software company’s stock worth $2,038,000 after purchasing an additional 119 shares during the period. Finally, MBM Wealth Consultants LLC lifted its stake in shares of Adobe by 4.4% during the 4th quarter. MBM Wealth Consultants LLC now owns 2,700 shares of the software company’s stock worth $1,190,000 after purchasing an additional 114 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.2 %

Shares of Adobe stock opened at $437.32 on Thursday. The business has a 50-day moving average of $473.26 and a 200-day moving average of $510.05. 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 company has a market capitalization of $190.37 billion, a PE ratio of 35.27, a P/E/G ratio of 2.08 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25.

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

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,763 shares of company stock worth $893,665. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ADBE shares. Piper Sandler reduced 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. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research report on Wednesday, January 15th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.