Bfsg LLC Sells 170 Shares of Adobe Inc. (NASDAQ:ADBE)

Bfsg LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,389 shares of the software company’s stock after selling 170 shares during the quarter. Bfsg LLC’s holdings in Adobe were worth $3,215,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Concentrum Wealth Management lifted its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the period. International Assets Investment Management LLC acquired a new position in Adobe in the fourth quarter valued at approximately $875,592,000. Invesco Ltd. lifted its holdings in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares during the period. Jennison Associates LLC raised its holdings in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC acquired a new stake in Adobe in the third quarter worth $152,970,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 2.0 %

Shares of NASDAQ ADBE traded down $9.52 during trading on Thursday, hitting $467.60. The stock had a trading volume of 736,006 shares, compared to its average volume of 3,491,162. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $209.48 billion, a PE ratio of 44.62, a PEG ratio of 2.56 and a beta of 1.28. The firm has a fifty day moving average of $519.06 and a two-hundred day moving average of $565.33.

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 the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.97 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. UBS Group dropped their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Robert W. Baird decreased their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, Stifel Nicolaus decreased 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.