Adobe Inc. (NASDAQ:ADBE) Shares Sold by Richard W. Paul & Associates LLC

Richard W. Paul & Associates LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 6.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,629 shares of the software company’s stock after selling 172 shares during the quarter. Richard W. Paul & Associates LLC’s holdings in Adobe were worth $1,568,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. VELA Investment Management LLC grew its position in Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares during the last quarter. Bornite Capital Management LP purchased a new stake in shares of Adobe during the 1st quarter worth $15,947,000. United Bank boosted its position in shares of Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after purchasing an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after purchasing an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC boosted its position in shares of Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after purchasing an additional 3,860 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

ADBE traded down $2.21 during midday trading on Wednesday, reaching $497.00. The company’s stock had a trading volume of 1,059,683 shares, compared to its average volume of 3,604,753. The stock has a market cap of $222.66 billion, a P/E ratio of 47.52, a PEG ratio of 2.72 and a beta of 1.28. The company has a fifty day simple moving average of $563.64 and a 200 day simple moving average of $569.97. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 EPS. Research analysts expect that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe declared that its board has initiated a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ADBE shares. Wells Fargo & Company decreased their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. TD Cowen cut their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Read Our Latest Research Report on Adobe

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,063 shares of company stock worth $1,853,025. Company insiders own 0.15% of the company’s stock.

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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