Wealth Alliance Sells 105 Shares of Adobe Inc. (NASDAQ:ADBE)

Wealth Alliance reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,279 shares of the software company’s stock after selling 105 shares during the quarter. Wealth Alliance’s holdings in Adobe were worth $1,956,000 at the end of the most recent quarter.

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

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the company’s 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 sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the company’s 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 sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the 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. Over the last ninety days, insiders sold 3,063 shares of company stock worth $1,853,025. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Barclays lowered their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company lowered their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

Shares of ADBE stock traded up $5.29 during trading on Tuesday, hitting $475.39. The company had a trading volume of 1,885,673 shares, compared to its average volume of 3,602,057. 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 capitalization of $212.97 billion, a P/E ratio of 45.19, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The stock’s 50-day moving average price is $538.63 and its 200 day moving average price is $567.86. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company posted $2.97 earnings per share. Equities analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced 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 shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.