Elite Wealth Management Inc. Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Elite Wealth Management Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,873 shares of the software company’s stock after selling 392 shares during the period. Adobe makes up approximately 0.2% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 16th biggest position. Elite Wealth Management Inc.’s holdings in Adobe were worth $3,504,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. One Charles Private Wealth Services LLC lifted its holdings in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC lifted its holdings in shares of Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its position in shares of Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC grew its stake in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management grew its stake in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the company’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 value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the company’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 value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the 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 sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. UBS Group reduced their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. HSBC dropped 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. JPMorgan Chase & Co. cut their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research report on Thursday, January 18th. Two investment 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. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Adobe stock traded down $1.32 during midday trading on Wednesday, reaching $474.90. 848,477 shares of the stock traded hands, compared to its average volume of 3,575,232. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $536.02 and a two-hundred day moving average price of $567.62. The firm has a market cap of $212.76 billion, a price-to-earnings ratio of 45.35, a PEG ratio of 2.55 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during 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%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.97 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has approved a stock repurchase plan 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 plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.