Tranquility Partners LLC Has $541,000 Position in Adobe Inc. (NASDAQ:ADBE)

Tranquility Partners LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 12.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 906 shares of the software company’s stock after selling 125 shares during the quarter. Tranquility Partners LLC’s holdings in Adobe were worth $541,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt lifted its position in Adobe by 2.3% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,733 shares of the software company’s stock worth $8,790,000 after buying an additional 326 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Adobe by 14.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 79,385 shares of the software company’s stock valued at $47,360,000 after buying an additional 10,261 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong boosted its holdings in Adobe by 179.5% in the 4th quarter. CloudAlpha Capital Management Limited Hong Kong now owns 64,275 shares of the software company’s stock valued at $38,346,000 after purchasing an additional 41,275 shares during the period. KLCM Advisors Inc. bought a new stake in Adobe in the 4th quarter valued at about $1,077,000. Finally, Rakuten Securities Inc. bought a new stake in Adobe in the 4th quarter valued at about $308,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Mizuho reissued a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. UBS Group cut their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’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 sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,075 shares of company stock valued at $1,848,418. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of ADBE traded up $0.23 during trading hours on Thursday, hitting $474.68. 246,372 shares of the stock were exchanged, compared to its average volume of 3,545,723. 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 firm has a market capitalization of $212.66 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The business has a 50-day moving average of $533.19 and a 200-day moving average of $566.97. 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 quarterly earnings results on Thursday, March 14th. The software company reported $4.48 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 business 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 quarterly revenue was up 11.3% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Adobe Company 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.