United Asset Strategies Inc. Sells 605 Shares of Adobe Inc. (NASDAQ:ADBE)

United Asset Strategies Inc. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,025 shares of the software company’s stock after selling 605 shares during the period. Adobe makes up about 2.0% of United Asset Strategies Inc.’s holdings, making the stock its 8th largest holding. United Asset Strategies Inc.’s holdings in Adobe were worth $17,913,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ADBE. Iron Horse Wealth Management LLC purchased a new position in Adobe in the third quarter valued at $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the third quarter valued at $25,000. Global Wealth Strategies & Associates increased its holdings in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new position in Adobe in the fourth quarter valued at $29,000. Finally, Fortis Capital Advisors LLC purchased a new position in Adobe in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded up $6.74 during mid-day trading on Tuesday, reaching $476.84. 1,055,961 shares of the company’s stock were exchanged, compared to its average volume of 3,590,277. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a market cap of $213.62 billion, a price-to-earnings ratio of 45.19, a PEG ratio of 2.57 and a beta of 1.28. The company has a 50-day simple moving average of $538.63 and a two-hundred day simple moving average of $567.86.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm posted $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred 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 in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s 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 completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 3,063 shares of company stock worth $1,853,025 in the last ninety days. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company decreased 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. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe 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.