9258 Wealth Management LLC Sells 325 Shares of Adobe Inc. (NASDAQ:ADBE)

9258 Wealth Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 22.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,122 shares of the software company’s stock after selling 325 shares during the period. 9258 Wealth Management LLC’s holdings in Adobe were worth $669,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Federated Hermes Inc. lifted its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC increased its holdings in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC bought a new position in Adobe during the 3rd quarter worth about $4,141,000. Naviter Wealth LLC increased its holdings in Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after purchasing an additional 996 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new position in Adobe during the 4th quarter worth about $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.2 %

ADBE opened at $444.76 on Monday. The company has a 50 day moving average of $481.94 and a 200 day moving average of $550.75. The company has a market cap of $199.25 billion, a PE ratio of 42.52, a price-to-earnings-growth ratio of 2.41 and a beta of 1.28. Adobe Inc. has a 12 month low of $410.70 and a 12 month high of $638.25. 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:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.14 billion. During the same period in the prior year, the company posted $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now 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 is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ADBE shares. DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. TD Cowen reduced their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Finally, Oppenheimer reiterated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. 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 company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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About Adobe

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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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