Darwin Wealth Management LLC Sells 712 Shares of Adobe Inc. (NASDAQ:ADBE)

Darwin Wealth Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 16.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,653 shares of the software company’s stock after selling 712 shares during the quarter. Darwin Wealth Management LLC’s holdings in Adobe were worth $2,179,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. One Charles Private Wealth Services LLC raised its position in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC lifted its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of Adobe by 3.1% in the 3rd 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 boosted its position 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 purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased 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 during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.3 %

Adobe stock traded up $1.34 during midday trading on Friday, reaching $483.99. The stock had a trading volume of 789,867 shares, compared to its average volume of 3,374,150. The firm’s fifty day simple moving average is $504.52 and its 200-day simple moving average is $560.49. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market capitalization of $216.83 billion, a P/E ratio of 46.27, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the company posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

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.