Richard W. Paul & Associates LLC Sells 172 Shares of Adobe Inc. (NASDAQ:ADBE)

Richard W. Paul & Associates LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 6.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,629 shares of the software company’s stock after selling 172 shares during the quarter. Richard W. Paul & Associates LLC’s holdings in Adobe were worth $1,568,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Rockland Trust Co. grew its stake in Adobe by 4.1% in 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. Mainsail Financial Group LLC raised its holdings in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the period. Team Hewins LLC purchased a new stake in Adobe in the 3rd quarter valued at about $4,141,000. Guinness Asset Management LTD raised its holdings in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the period. Finally, Dynamic Advisor Solutions LLC raised its holdings in Adobe by 23.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after buying an additional 1,732 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Adobe stock traded down $2.21 during mid-day trading on Wednesday, hitting $497.00. 1,059,683 shares of the company’s stock traded hands, compared to its average volume of 3,604,753. The firm has a 50 day moving average price of $563.64 and a 200 day moving average price of $569.97. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $222.66 billion, a PE ratio of 47.52, a price-to-earnings-growth ratio of 2.72 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last announced 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. The firm had revenue of $5.18 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 EPS. On average, equities analysts forecast that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,063 shares of company stock valued at $1,853,025. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Citigroup boosted their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a report on Tuesday, December 12th. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a report on Thursday, January 18th. Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. KeyCorp assumed coverage on Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Finally, UBS Group dropped their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Read Our Latest Stock Analysis on Adobe

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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