Blue Barn Wealth LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Blue Barn Wealth LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,137 shares of the software company’s stock after selling 91 shares during the period. Adobe accounts for 1.5% of Blue Barn Wealth LLC’s portfolio, making the stock its 20th largest position. Blue Barn Wealth LLC’s holdings in Adobe were worth $2,468,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Morgan Stanley raised its stake in Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the period. Northern Trust Corp increased its position in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares during the period. Jennison Associates LLC raised its stake in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Fisher Asset Management LLC grew its stake in Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after purchasing an additional 16,379 shares in the last quarter. Finally, Invesco Ltd. raised its position in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

ADBE traded down $4.17 during trading on Wednesday, reaching $488.10. 2,145,845 shares of the company’s stock were exchanged, compared to its average volume of 3,417,076. The business has a 50 day moving average price of $505.80 and a 200 day moving average price of $561.00. The company has a market capitalization of $218.67 billion, a P/E ratio of 47.31, a PEG ratio of 2.63 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. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced 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 firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company earned $2.97 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ADBE shares. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. JPMorgan Chase & Co. cut their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Barclays cut their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two equities 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’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by insiders.

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.