Adobe Inc. (NASDAQ:ADBE) Stock Position Lessened by Evanson Asset Management LLC

Evanson Asset Management LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,125 shares of the software company’s stock after selling 200 shares during the quarter. Evanson Asset Management LLC’s holdings in Adobe were worth $671,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC purchased a new position in Adobe during the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $29,000. Finally, Halpern Financial Inc. boosted its holdings in shares of Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.0 %

Shares of ADBE stock opened at $504.60 on Friday. The stock has a 50 day moving average of $571.55 and a 200-day moving average of $571.10. The firm has a market cap of $228.36 billion, a PE ratio of 48.27, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 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 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% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 EPS. On average, equities analysts predict that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its Board of Directors has approved a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Citigroup upped their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. HSBC cut 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. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company reduced their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,162 shares of company stock worth $5,340,250. Company 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.