Geneva Capital Management LLC Sells 312 Shares of Adobe Inc. (NASDAQ:ADBE)

Geneva Capital Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,271 shares of the software company’s stock after selling 312 shares during the period. Geneva Capital Management LLC’s holdings in Adobe were worth $3,741,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Pinnacle West Asset Management Inc. boosted its holdings in shares of Adobe by 8.3% in the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after purchasing an additional 90 shares during the period. NBT Bank N A NY boosted its holdings in Adobe by 799.5% during the 3rd quarter. NBT Bank N A NY now owns 3,913 shares of the software company’s stock valued at $1,995,000 after acquiring an additional 3,478 shares during the period. Dividend Assets Capital LLC boosted its holdings in Adobe by 22.2% during the 3rd quarter. Dividend Assets Capital LLC now owns 165 shares of the software company’s stock valued at $84,000 after acquiring an additional 30 shares during the period. Rockland Trust Co. boosted its holdings in Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the period. Finally, Conning Inc. boosted its holdings in Adobe by 0.5% during the 3rd quarter. Conning Inc. now owns 3,832 shares of the software company’s stock valued at $1,954,000 after acquiring an additional 20 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent analyst reports. Oppenheimer restated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Wells Fargo & Company reduced their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE traded up $1.34 during trading hours on Friday, reaching $483.99. The company had a trading volume of 789,867 shares, compared to its average volume of 3,374,150. The firm has a market cap of $216.83 billion, a PE ratio of 46.14, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The business’s 50 day moving average price is $504.52 and its 200-day moving average price is $560.49. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 EPS. Research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often 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.