Adobe Inc. (NASDAQ:ADBE) Shares Sold by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,660 shares of the software company’s stock after selling 51 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Adobe were worth $1,847,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Barlow Wealth Partners Inc. acquired a new stake in Adobe in the fourth quarter valued at $16,700,000. Federated Hermes Inc. grew its holdings in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC grew its holdings in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Vise Technologies Inc. lifted its position in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after acquiring an additional 5,654 shares in the last quarter. Finally, Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

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 transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ:ADBE traded up $2.44 during midday trading on Thursday, reaching $570.15. 1,664,373 shares of the company traded hands, compared to its average volume of 4,552,269. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $252.80 billion, a price-to-earnings ratio of 51.23, a price-to-earnings-growth ratio of 2.96 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a fifty day moving average price of $490.66 and a 200 day moving average price of $534.23.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its board has approved a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday, June 14th. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Sanford C. Bernstein increased their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe 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.