Courier Capital LLC Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE)

Courier Capital LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 16.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 509 shares of the software company’s stock after selling 100 shares during the period. Courier Capital LLC’s holdings in Adobe were worth $304,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp increased its position in Adobe by 1.2% during the 2nd quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock worth $9,223,377,000 after purchasing an additional 229,776 shares in the last quarter. Morgan Stanley increased its position in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Northern Trust Corp increased its position in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Norges Bank acquired a new position in Adobe in the 4th quarter valued at approximately $1,757,029,000. Finally, Jennison Associates LLC increased its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock worth $5,340,250 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.6 %

Adobe stock opened at $504.40 on Thursday. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a market capitalization of $228.27 billion, a price-to-earnings ratio of 48.22, a price-to-earnings-growth ratio of 2.74 and a beta of 1.29. The firm’s fifty day moving average price is $573.39 and its two-hundred day moving average price is $571.57. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

ADBE has been the subject of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday. KeyCorp initiated coverage on shares of Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. HSBC decreased their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Finally, Citigroup upped their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

About Adobe

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.