Adobe Inc. $ADBE Shares Sold by LPL Financial LLC

LPL Financial LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 436,847 shares of the software company’s stock after selling 13,831 shares during the period. LPL Financial LLC’s holdings in Adobe were worth $152,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Willis Investment Counsel raised its holdings in Adobe by 138.9% during the fourth quarter. Willis Investment Counsel now owns 40,715 shares of the software company’s stock worth $14,250,000 after purchasing an additional 23,671 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Adobe by 112.6% during the third quarter. Victory Capital Management Inc. now owns 1,341,410 shares of the software company’s stock worth $469,467,000 after purchasing an additional 710,357 shares in the last quarter. Nicholas Company Inc. raised its holdings in Adobe by 7.6% during the fourth quarter. Nicholas Company Inc. now owns 174,626 shares of the software company’s stock worth $61,117,000 after purchasing an additional 12,400 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Adobe by 13.4% during the fourth quarter. Teacher Retirement System of Texas now owns 215,611 shares of the software company’s stock worth $75,462,000 after purchasing an additional 25,435 shares in the last quarter. Finally, Wealthfront Advisers LLC raised its holdings in Adobe by 13.2% during the fourth quarter. Wealthfront Advisers LLC now owns 55,179 shares of the software company’s stock worth $19,312,000 after purchasing an additional 6,426 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

More Adobe News

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe’s upcoming earnings could provide a catalyst if management shows Firefly and GenStudio are driving meaningful AI-related demand and improved guidance. Adobe Faces Make-or-Break Earnings Test as Traders Brace for Big Stock Swing
• Positive Sentiment: Some analysts and market watchers still see upside if Adobe can prove AI is becoming a real tailwind, rather than just a narrative, which could help restore investor confidence. Adobe Q2 Preview: Stock Near 7-Year Low, Market Expert Says Investors Want Proof ‘AI Is A Tailwind’
• Positive Sentiment: Options traders are pricing in a large post-earnings move, suggesting the stock could rebound sharply if results beat expectations and the outlook improves. Adobe Will Report Q2 Earnings Tomorrow. Options Traders Expect a 9.45% Move in ADBE Stock

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ADBE. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Adobe in a report on Friday, March 13th. TD Cowen dropped their target price on shares of Adobe from $310.00 to $285.00 and set a “hold” rating for the company in a report on Monday. Jefferies Financial Group dropped their target price on shares of Adobe from $400.00 to $290.00 and set a “hold” rating for the company in a report on Monday, February 23rd. BTIG Research initiated coverage on shares of Adobe in a report on Monday, April 13th. They issued a “neutral” rating for the company. Finally, Summit Redstone set a $350.00 target price on shares of Adobe in a report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seventeen have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $331.65.

Insider Activity

In other news, CAO Jillian Forusz sold 755 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total value of $185,918.75. Following the sale, the chief accounting officer directly owned 3,521 shares in the company, valued at $867,046.25. This represents a 17.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 1,336 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $248.02, for a total transaction of $331,354.72. Following the completion of the sale, the chief financial officer owned 42,833 shares in the company, valued at $10,623,440.66. This represents a 3.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,091 shares of company stock worth $18,782,773 over the last ninety days. 0.20% of the stock is currently owned by insiders.

Adobe Trading Down 1.9%

Shares of Adobe stock opened at $233.38 on Thursday. The company has a 50-day moving average of $245.79 and a two-hundred day moving average of $279.88. The stock has a market cap of $94.33 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. Adobe Inc. has a 12-month low of $224.13 and a 12-month high of $416.39. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.87 by $0.19. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.28 billion. Adobe had a net margin of 29.48% and a return on equity of 64.48%. The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.08 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 19.14 EPS for the current fiscal year.

Adobe announced that its board has approved a stock repurchase plan on Tuesday, April 21st that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 24.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Adobe Profile

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company’s core offerings are organized around digital media and digital experience.