Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lessened by Gradient Investments LLC

Gradient Investments LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 8.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 273 shares of the software company’s stock after selling 25 shares during the quarter. Gradient Investments LLC’s holdings in Adobe were worth $163,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the 3rd quarter worth about $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the 3rd quarter worth 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 worth $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC acquired a new stake in shares of Adobe in the 4th quarter worth about $29,000. Finally, Halpern Financial Inc. increased its holdings in shares of Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a report on Thursday, January 18th. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. UBS Group lowered their target price 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. Finally, KGI Securities raised shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 target price on the stock in a research note on Monday, December 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Get Our Latest Research Report on ADBE

Adobe Stock Performance

Shares of ADBE opened at $504.60 on Friday. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a 50-day moving average of $567.63 and a two-hundred day moving average of $570.22. The stock has a market cap of $228.36 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. 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:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 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 company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the company posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 14.57 earnings per share for the current 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 reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is owned by company insiders.

Adobe Profile

(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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