Geller Advisors LLC Sells 76 Shares of Adobe Inc. (NASDAQ:ADBE)

Geller Advisors LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,085 shares of the software company’s stock after selling 76 shares during the quarter. Geller Advisors LLC’s holdings in Adobe were worth $927,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ADBE. Fortitude Family Office LLC increased its holdings in Adobe by 15.6% during the 4th quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock worth $89,000 after purchasing an additional 27 shares during the period. ORG Partners LLC increased its stake in shares of Adobe by 64.4% during the fourth quarter. ORG Partners LLC now owns 513 shares of the software company’s stock valued at $228,000 after buying an additional 201 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings 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 in the last quarter. Ridgewood Investments LLC grew its holdings in Adobe by 38.9% during the 4th quarter. Ridgewood Investments LLC now owns 3,178 shares of the software company’s stock worth $1,413,000 after acquiring an additional 890 shares in the last quarter. Finally, CCM Investment Advisers LLC increased its position in Adobe by 8.4% during the 4th quarter. CCM Investment Advisers LLC now owns 30,405 shares of the software company’s stock valued at $13,521,000 after purchasing an additional 2,359 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADBE shares. Evercore ISI cut their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. DA Davidson reduced their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Citigroup decreased their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Eleven research 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Performance

Shares of ADBE stock opened at $383.28 on Friday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $163.35 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business has a 50-day simple moving average of $379.67 and a 200-day simple moving average of $437.08.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company posted $4.48 earnings per share. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is 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.