Marietta Wealth Management LLC Sells 584 Shares of Adobe Inc. (NASDAQ:ADBE)

Marietta Wealth Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 12,397 shares of the software company’s stock after selling 584 shares during the period. Adobe comprises approximately 1.3% of Marietta Wealth Management LLC’s portfolio, making the stock its 24th biggest position. Marietta Wealth Management LLC’s holdings in Adobe were worth $7,396,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Iron Horse Wealth Management LLC purchased a new position in Adobe during the third quarter worth about $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in Adobe during the fourth quarter worth $35,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,063 shares of company stock worth $1,853,025. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 1.3 %

NASDAQ:ADBE traded up $5.90 during trading hours on Tuesday, hitting $476.00. The company had a trading volume of 1,315,430 shares, compared to its average volume of 3,594,373. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50-day moving average price of $538.63 and a 200 day moving average price of $567.86. The company has a market capitalization of $213.25 billion, a PE ratio of 45.19, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.14 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. Adobe’s revenue was up 11.3% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. BMO Capital Markets restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company reduced their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Profile

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.