1900 Wealth Management LLC Sells 211 Shares of Adobe Inc. (NASDAQ:ADBE)

1900 Wealth Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,123 shares of the software company’s stock after selling 211 shares during the quarter. 1900 Wealth Management LLC’s holdings in Adobe were worth $1,267,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Morgan Stanley grew its stake in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after buying an additional 498,957 shares during the period. Invesco Ltd. raised its stake in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the last quarter. Finally, Concentrum Wealth Management lifted its position in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE traded up $3.47 during trading on Tuesday, reaching $470.36. The company’s stock had a trading volume of 593,404 shares, compared to its average volume of 3,521,123. The company has a market capitalization of $210.72 billion, a price-to-earnings ratio of 44.88, a price-to-earnings-growth ratio of 2.52 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 company’s fifty day moving average price is $524.19 and its 200-day moving average price is $566.33. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

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

Insiders Place Their Bets

In related news, 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The sale 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 business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock valued at $1,848,418 over the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. UBS Group cut their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Finally, Mizuho reiterated a “buy” rating and issued a $680.00 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 issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.