Berger Financial Group Inc Sells 443 Shares of Adobe Inc. (NASDAQ:ADBE)

Berger Financial Group Inc cut its position in Adobe Inc. (NASDAQ:ADBE) by 15.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,478 shares of the software company’s stock after selling 443 shares during the quarter. Berger Financial Group Inc’s holdings in Adobe were worth $1,102,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADBE. Nordea Investment Management AB lifted its position in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the period. Arizona State Retirement System lifted its position in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC bought a new stake in shares of Adobe during the 4th quarter valued at $1,173,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Adobe by 1.4% during the 4th 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. Finally, M. Kraus & Co bought a new stake in shares of Adobe during the 4th quarter valued at $3,285,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Royal Bank of Canada lowered their price target on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a report on Monday, April 14th. Mizuho lowered their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Morgan Stanley lowered their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. 0.16% of the stock is owned by company insiders.

Adobe Stock Performance

NASDAQ ADBE opened at $367.72 on Monday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. 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 firm has a market cap of $156.72 billion, a price-to-earnings ratio of 29.65, a PEG ratio of 2.15 and a beta of 1.49. The company has a fifty day moving average price of $392.89 and a 200-day moving average price of $444.67.

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, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company 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.