Meitav Dash Investments Ltd. Sells 7,206 Shares of Adobe Inc. (NASDAQ:ADBE)

Meitav Dash Investments Ltd. cut its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 8.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,366 shares of the software company’s stock after selling 7,206 shares during the period. Meitav Dash Investments Ltd.’s holdings in Adobe were worth $34,110,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Delta Financial Advisors LLC increased its holdings in shares of Adobe by 2.3% during the fourth quarter. Delta Financial Advisors LLC now owns 883 shares of the software company’s stock worth $501,000 after buying an additional 20 shares in the last quarter. Sittner & Nelson LLC increased its holdings in shares of Adobe by 14.8% during the fourth quarter. Sittner & Nelson LLC now owns 155 shares of the software company’s stock worth $88,000 after buying an additional 20 shares in the last quarter. Kesler Norman & Wride LLC increased its holdings in shares of Adobe by 1.0% during the fourth quarter. Kesler Norman & Wride LLC now owns 2,047 shares of the software company’s stock worth $1,161,000 after buying an additional 21 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Adobe by 1.1% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,957 shares of the software company’s stock worth $1,110,000 after buying an additional 21 shares in the last quarter. Finally, Accurate Wealth Management LLC increased its holdings in shares of Adobe by 4.0% during the fourth quarter. Accurate Wealth Management LLC now owns 552 shares of the software company’s stock worth $326,000 after buying an additional 21 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.5 %

NASDAQ ADBE traded up $2.02 during trading hours on Friday, hitting $432.61. The company’s stock had a trading volume of 107,530 shares, compared to its average volume of 2,249,972. Adobe Inc. has a 52 week low of $338.00 and a 52 week high of $699.54. The company has a market capitalization of $202.46 billion, a PE ratio of 42.27, a price-to-earnings-growth ratio of 2.34 and a beta of 1.12. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The company’s 50-day simple moving average is $392.89 and its two-hundred day simple moving average is $428.29.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The business had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm earned $2.56 EPS. Research analysts anticipate that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wolfe Research lowered their price target on shares of Adobe from $500.00 to $400.00 and set an “outperform” rating for the company in a report on Friday, June 17th. Wells Fargo & Company decreased their price objective on Adobe from $525.00 to $425.00 and set an “overweight” rating for the company in a report on Friday, June 17th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, July 19th. Piper Sandler decreased their price objective on Adobe from $545.00 to $430.00 and set an “overweight” rating for the company in a report on Friday, June 17th. Finally, Morgan Stanley downgraded Adobe from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $591.00 to $362.00 in a report on Tuesday, June 21st. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $489.31.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the sale, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the sale, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CMO Ann Lewnes sold 794 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the sale, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at approximately $9,595,200. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,637 shares of company stock valued at $1,438,682. 0.23% of the stock is owned by corporate insiders.

Adobe Profile

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Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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