Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wealth Alliance

Wealth Alliance reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,279 shares of the software company’s stock after selling 105 shares during the quarter. Wealth Alliance’s holdings in Adobe were worth $1,956,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cookson Peirce & Co. Inc. raised its stake in Adobe by 29.1% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 22,792 shares of the software company’s stock worth $13,598,000 after acquiring an additional 5,138 shares in the last quarter. Signet Financial Management LLC raised its stake in Adobe by 2.7% during the 4th quarter. Signet Financial Management LLC now owns 4,550 shares of the software company’s stock worth $2,715,000 after acquiring an additional 120 shares in the last quarter. Main Street Research LLC raised its stake in Adobe by 1.3% during the 4th quarter. Main Street Research LLC now owns 43,662 shares of the software company’s stock worth $26,049,000 after acquiring an additional 565 shares in the last quarter. Suncoast Equity Management raised its stake in Adobe by 0.7% during the 4th quarter. Suncoast Equity Management now owns 68,800 shares of the software company’s stock worth $41,046,000 after acquiring an additional 459 shares in the last quarter. Finally, Guerra Pan Advisors LLC raised its stake in Adobe by 41.2% during the 4th quarter. Guerra Pan Advisors LLC now owns 1,903 shares of the software company’s stock worth $1,135,000 after acquiring an additional 555 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock valued at $1,853,025 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE traded up $5.29 during midday trading on Tuesday, reaching $475.39. 1,885,673 shares of the company’s stock were exchanged, compared to its average volume of 3,602,057. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $212.97 billion, a PE ratio of 45.19, a P/E/G ratio of 2.57 and a beta of 1.28. The business’s 50-day moving average price is $538.63 and its 200 day moving average price is $567.86. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, TD Cowen lowered their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.