Cut Content removes graphics or text data from the content stream of a PDF and at the same time moves that information onto the clipboard so it can be pasted elsewhere. It is functionally equivalent to simultaneously taking a Snapshot and performing Erase Content. It does not cut content outside the content stream (for example, it will not cut markups unless they have been flattened). Be aware that performing this action on a page containing flattened markups will prevent all markups on the page from being unflattened.
Cut Content cannot be used on a PDF that has been digitally signed or certified.
Using Cut Content to Move Content
Content > 
Cut Content.
Clipboard > 
Paste or 
Paste in Place, as desired (see Paste in Place), to paste the cut content as a Snapshot.