Atticus Wealth Management LLC Sells 210 Shares of Adobe Inc. (NASDAQ:ADBE)

Atticus Wealth Management LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 18.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 923 shares of the software company’s stock after selling 210 shares during the period. Atticus Wealth Management LLC’s holdings in Adobe were worth $551,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ADBE. VELA Investment Management LLC boosted its holdings in shares of Adobe by 122.2% during the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares in the last quarter. Bornite Capital Management LP bought a new stake in shares of Adobe during the 1st quarter valued at $15,947,000. United Bank boosted its holdings in shares of Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC boosted its holdings in shares of Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after buying an additional 3,860 shares in the last quarter. Institutional investors own 80.00% of the company’s stock.

Adobe Trading Up 0.1 %

Adobe stock opened at $507.60 on Wednesday. The firm has a 50 day moving average of $575.19 and a 200 day moving average of $571.94. The firm has a market capitalization of $229.71 billion, a price-to-earnings ratio of 48.53, a P/E/G ratio of 2.70 and a beta of 1.29. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBEGet Free Report) last released 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. 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 quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.97 EPS. As a group, research analysts predict that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe declared that its board has approved a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ADBE shares. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. UBS Group dropped their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, March 15th. Robert W. Baird dropped their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $620.72.

View Our Latest Research Report on Adobe

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider David Wadhwani sold 6,099 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 9,162 shares of company stock valued at $5,340,250. 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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