SVB Wealth LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

SVB Wealth LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 14.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,492 shares of the software company’s stock after selling 4,759 shares during the quarter. SVB Wealth LLC’s holdings in Adobe were worth $16,402,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new stake in Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC bought 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 buying an additional 19 shares during the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter worth about $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe in the 4th quarter worth about $35,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Adobe stock traded up $3.63 during mid-day trading on Tuesday, reaching $473.73. 715,705 shares of the company traded hands, compared to its average volume of 3,586,040. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market capitalization of $212.23 billion, a price-to-earnings ratio of 45.19, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The firm’s fifty day moving average is $538.63 and its two-hundred day moving average is $567.86.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for 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 business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.97 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ADBE shares. Robert W. Baird reduced their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. HSBC cut their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, Mizuho reiterated a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 84 shares of the 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 sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the 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 transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,063 shares of company stock valued at $1,853,025. Corporate insiders own 0.15% of the company’s stock.

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.