Adobe Inc. (NASDAQ:ADBE) Shares Sold by Accretive Wealth Partners LLC

Accretive Wealth Partners LLC cut its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,996 shares of the software company’s stock after selling 31 shares during the quarter. Accretive Wealth Partners LLC’s holdings in Adobe were worth $1,191,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Wetzel Investment Advisors Inc. bought a new position in Adobe in the 4th quarter valued at about $35,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe in the third quarter valued at approximately $45,000. First Command Advisory Services Inc. acquired a new position in shares of Adobe during the third quarter valued at approximately $52,000. BKM Wealth Management LLC bought a new stake in Adobe during the fourth quarter worth approximately $65,000. Finally, Fortitude Family Office LLC acquired a new stake in Adobe in the fourth quarter worth approximately $75,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE opened at $444.76 on Friday. The stock has a fifty day moving average price of $481.94 and a 200 day moving average price of $551.06. 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 1 year low of $410.70 and a 1 year high of $638.25. The stock has a market cap of $199.25 billion, a price-to-earnings ratio of 42.52, a PEG ratio of 2.41 and a beta of 1.28.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during 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 firm’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.97 EPS. Analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of analysts have recently commented on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Read Our Latest Stock Report on Adobe

Insider Activity

In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate 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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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