Mendota Financial Group LLC Sells 65 Shares of Adobe Inc. (NASDAQ:ADBE)

Mendota Financial Group LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 21.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 243 shares of the software company’s stock after selling 65 shares during the period. Mendota Financial Group LLC’s holdings in Adobe were worth $145,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates increased its holdings in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Halpern Financial Inc. boosted its stake in shares of Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares during the last quarter. Finally, BluePath Capital Management LLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADBE shares. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Stifel Nicolaus cut their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Citigroup boosted their target price on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 12th. Finally, TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock 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 given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Get Our Latest Stock Report on ADBE

Adobe Trading Up 0.0 %

Adobe stock opened at $504.60 on Friday. The stock has a market cap of $228.36 billion, a P/E ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm’s fifty day moving average price is $567.63 and its 200-day moving average price is $570.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05.

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

Adobe declared that its board has approved a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were 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 quarter, insiders have sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is currently owned by company insiders.

About Adobe

(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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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