Weatherly Asset Management L. P. Sells 1,153 Shares of Adobe Inc. (NASDAQ:ADBE)

Weatherly Asset Management L. P. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,556 shares of the software company’s stock after selling 1,153 shares during the quarter. Adobe makes up about 1.9% of Weatherly Asset Management L. P.’s holdings, making the stock its 13th largest position. Weatherly Asset Management L. P.’s holdings in Adobe were worth $17,633,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new position in Adobe during the third quarter worth about $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates boosted its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the 4th quarter worth about $35,000. Finally, BluePath Capital Management LLC purchased a new position in shares of Adobe in the 3rd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, HSBC lowered their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 3,175 shares of company stock worth $1,895,518 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

ADBE traded up $6.01 during midday trading on Tuesday, reaching $472.90. The company had a trading volume of 2,200,448 shares, compared to its average volume of 3,540,307. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $524.19 and a two-hundred day moving average of $566.33. The company has a market cap of $211.86 billion, a P/E ratio of 45.21, a P/E/G ratio of 2.52 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

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

Adobe announced that its board has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.