Spire Wealth Management Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Spire Wealth Management decreased its position in Adobe Inc. (NASDAQ:ADBE) by 43.2% during the fourth quarter, Holdings Channel reports. The firm owned 7,948 shares of the software company’s stock after selling 6,038 shares during the quarter. Spire Wealth Management’s holdings in Adobe were worth $4,860,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rockland Trust Co. raised its holdings in shares of 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 purchasing an additional 44 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC boosted its position 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 in the last quarter. Team Hewins LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $4,141,000. Finally, Naviter Wealth LLC raised its position in shares of Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after acquiring an additional 996 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of the business’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 completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.5 %

NASDAQ ADBE traded up $7.41 on Monday, reaching $493.59. The company had a trading volume of 2,103,523 shares, compared to its average volume of 3,442,089. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a 50-day moving average of $508.34 and a 200-day moving average of $561.78. The firm has a market capitalization of $221.13 billion, a PE ratio of 47.19, a P/E/G ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.14 billion. During the same period in the previous year, the company posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal 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.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. TD Cowen dropped their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Barclays dropped their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. DA Davidson restated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Finally, KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.