Adobe Inc. (NASDAQ:ADBE) Stock Position Cut by CKW Financial Group

CKW Financial Group lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 50.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 100 shares of the software company’s stock after selling 100 shares during the period. CKW Financial Group’s holdings in Adobe were worth $60,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new position in Adobe in the 3rd quarter valued at about $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates boosted its position in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC bought a new position in shares of Adobe during the 4th quarter valued at about $29,000. Finally, Halpern Financial Inc. boosted its position in shares of Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.6 %

ADBE opened at $484.28 on Friday. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week 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’s fifty day moving average price is $545.06 and its two-hundred day moving average price is $567.48. The company has a market capitalization of $216.96 billion, a P/E ratio of 46.30, a P/E/G ratio of 2.62 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.97 earnings per share. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated 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 approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,063 shares of company stock valued at $1,853,025. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird reduced their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.