Adobe Inc. (NASDAQ:ADBE) Shares Sold by S.A. Mason LLC

S.A. Mason LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,805 shares of the software company’s stock after selling 85 shares during the quarter. Adobe comprises approximately 1.1% of S.A. Mason LLC’s holdings, making the stock its 15th largest position. S.A. Mason LLC’s holdings in Adobe were worth $1,673,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe during the third quarter worth approximately $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the third quarter valued at $25,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC acquired a new position in Adobe during the fourth quarter worth about $29,000. Finally, Halpern Financial Inc. raised its position in Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $504.40 on Thursday. The firm has a market capitalization of $228.27 billion, a P/E ratio of 48.22, a P/E/G ratio of 2.74 and a beta of 1.29. The stock has a fifty day moving average price of $573.39 and a two-hundred day moving average price of $571.57. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34.

Adobe (NASDAQ:ADBE) 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 firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $2.97 EPS. As a group, analysts anticipate that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe announced that its board has authorized a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. UBS Group lowered their price objective 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. Robert W. Baird decreased their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock worth $5,340,250 in the last three months. Insiders own 0.15% of the company’s stock.

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.