Wedgewood Investors Inc. PA Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Wedgewood Investors Inc. PA lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 5.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 912 shares of the software company’s stock after selling 50 shares during the period. Wedgewood Investors Inc. PA’s holdings in Adobe were worth $544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. One Charles Private Wealth Services LLC raised its position in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC increased its position in Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares during the period. Raleigh Capital Management Inc. increased its position in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC increased its stake in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a report on Thursday, January 18th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Finally, Mizuho reaffirmed a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred 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 sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 293 shares of company stock worth $137,656. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $2.22 on Wednesday, hitting $465.05. The company had a trading volume of 643,369 shares, compared to its average volume of 3,453,365. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market cap of $208.34 billion, a price-to-earnings ratio of 44.25, a P/E/G ratio of 2.56 and a beta of 1.28. The stock has a 50 day moving average price of $512.29 and a 200 day moving average price of $563.44. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping 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 business 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. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

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.