Cambridge Investment Research Advisors Inc. Has $45.21 Million Position in Adobe Inc. (NASDAQ:ADBE)

Cambridge Investment Research Advisors Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE) by 13.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,772 shares of the software company’s stock after selling 11,605 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Adobe were worth $45,206,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. HBC Financial Services PLLC bought a new stake in shares of Adobe during the 3rd quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the fourth quarter worth $35,000. Hanseatic Management Services Inc. purchased a new position in Adobe in the third quarter worth about $45,000. First Command Advisory Services Inc. purchased a new position in Adobe in the 3rd quarter worth approximately $52,000. Finally, Advisors Preferred LLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $60,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, 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 value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 21,114 shares of the company’s stock, 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 company’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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $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. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADBE. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. HSBC reduced their target price on shares of 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 objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note 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 stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of ADBE stock traded down $3.22 during trading hours on Thursday, hitting $480.71. The stock had a trading volume of 1,203,199 shares, compared to its average volume of 3,310,945. The stock’s 50 day moving average is $488.89 and its 200 day moving average is $556.83. Adobe Inc. has a twelve month low of $361.72 and a twelve month high of $638.25. 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 $215.36 billion, a PE ratio of 46.26, a PEG ratio of 2.61 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs 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.