Adobe Inc. (NASDAQ:ADBE) Shares Sold by Annis Gardner Whiting Capital Advisors LLC

Annis Gardner Whiting Capital Advisors LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 699 shares of the software company’s stock after selling 49 shares during the period. Annis Gardner Whiting Capital Advisors LLC’s holdings in Adobe were worth $417,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ADBE. One Charles Private Wealth Services LLC grew its holdings in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares during the last quarter. Invst LLC grew its holdings in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC grew its holdings in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management grew its holdings in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’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 owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’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 owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $2.88 during midday trading on Thursday, hitting $486.81. 958,078 shares of the company’s stock were exchanged, compared to its average volume of 3,308,473. 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 stock’s 50 day moving average price is $488.89 and its 200-day moving average price is $556.83. The firm has a market cap of $218.09 billion, a P/E ratio of 46.26, a PEG ratio of 2.61 and a beta of 1.28. Adobe Inc. has a twelve month low of $361.72 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.97 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has authorized a share buyback program 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.