Element Wealth LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Element Wealth LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 381 shares of the software company’s stock after selling 43 shares during the quarter. Element Wealth LLC’s holdings in Adobe were worth $227,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Concentrum Wealth Management increased its position in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Adobe in the 4th quarter valued at approximately $875,592,000. Invesco Ltd. boosted its holdings in shares of 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 in the last quarter. Jennison Associates LLC lifted its holdings in Adobe by 12.3% during the 3rd 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 in the last quarter. Finally, Alkeon Capital Management LLC bought a new stake in shares of Adobe in the 3rd quarter valued at $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’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 owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently commented on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Barclays dropped their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two equities 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’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

NASDAQ:ADBE traded up $6.01 on Tuesday, hitting $472.90. The company’s stock had a trading volume of 2,052,454 shares, compared to its average volume of 3,540,193. The stock has a fifty day moving average of $524.19 and a two-hundred day moving average of $566.33. The firm has a market capitalization of $211.86 billion, a P/E ratio of 44.88, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Adobe announced that its board has initiated a stock buyback 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 often a sign that the company’s management believes its shares are 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.