Cambridge Investment Research Advisors Inc. Sells 11,605 Shares of Adobe Inc. (NASDAQ:ADBE)

Cambridge Investment Research Advisors Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,772 shares of the software company’s stock after selling 11,605 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Adobe were worth $45,206,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the fourth quarter valued at $35,000. Hanseatic Management Services Inc. bought a new stake in shares of Adobe during the 3rd quarter valued at $45,000. First Command Advisory Services Inc. bought a new position in Adobe in the 3rd quarter worth about $52,000. Finally, BKM Wealth Management LLC purchased a new position in Adobe during the 4th quarter valued at about $65,000. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded down $3.22 during midday trading on Thursday, hitting $480.71. The company’s stock had a trading volume of 1,203,199 shares, compared to its average volume of 3,310,945. The company’s fifty day simple moving average is $488.89 and its two-hundred day simple moving average is $556.83. The stock has a market capitalization of $215.36 billion, a price-to-earnings ratio of 46.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $361.72 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate 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 period last year, the company posted $2.97 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ADBE shares. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Piper Sandler restated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TD Cowen lowered their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.