Truist Financial Corp Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Truist Financial Corp lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 195,743 shares of the software company’s stock after selling 46,160 shares during the quarter. Truist Financial Corp’s holdings in Adobe were worth $116,780,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ADBE. Oak Thistle LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $472,000. Patriot Financial Group Insurance Agency LLC boosted its position in Adobe by 14.2% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,612 shares of the software company’s stock valued at $822,000 after buying an additional 200 shares during the last quarter. TFG Advisers LLC acquired a new position in Adobe in the 3rd quarter worth approximately $240,000. Investment Research & Advisory Group Inc. raised its position in Adobe by 3.1% during the 3rd quarter. Investment Research & Advisory Group Inc. now owns 3,810 shares of the software company’s stock worth $1,943,000 after buying an additional 115 shares during the last quarter. Finally, Zullo Investment Group Inc. boosted its holdings in shares of Adobe by 6.5% in the 3rd quarter. Zullo Investment Group Inc. now owns 781 shares of the software company’s stock valued at $398,000 after acquiring an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Mizuho reiterated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.9 %

Shares of ADBE traded up $4.12 during midday trading on Friday, hitting $477.56. 2,460,261 shares of the stock were exchanged, compared to its average volume of 2,815,745. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The stock has a fifty day simple moving average of $515.34 and a 200 day simple moving average of $564.33.

Adobe (NASDAQ:ADBE) last released 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 return on equity of 39.12% and a net margin of 24.08%. The company 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 company posted $2.97 EPS. Adobe’s revenue was up 11.3% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

About Adobe

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.