Weatherly Asset Management L. P. Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Weatherly Asset Management L. P. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 29,556 shares of the software company’s stock after selling 1,153 shares during the period. Adobe comprises 1.9% of Weatherly Asset Management L. P.’s portfolio, making the stock its 13th biggest holding. Weatherly Asset Management L. P.’s holdings in Adobe were worth $17,633,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in Adobe during the 4th quarter worth approximately $1,334,000. CV Advisors LLC grew its position in shares of Adobe by 12.7% in the fourth quarter. CV Advisors LLC now owns 3,368 shares of the software company’s stock valued at $2,009,000 after purchasing an additional 380 shares in the last quarter. Linden Thomas Advisory Services LLC grew its position in shares of Adobe by 14.8% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 4,558 shares of the software company’s stock valued at $2,719,000 after purchasing an additional 586 shares in the last quarter. Masso Torrence Wealth Management Inc. grew its position in shares of Adobe by 3.5% in the fourth quarter. Masso Torrence Wealth Management Inc. now owns 849 shares of the software company’s stock valued at $507,000 after purchasing an additional 29 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. grew its position in shares of Adobe by 2.2% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 9,068 shares of the software company’s stock valued at $5,410,000 after purchasing an additional 193 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus dropped their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Piper Sandler Companies decreased 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. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, UBS Group reduced their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two investment 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. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,175 shares of company stock worth $1,895,518. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $6.01 during trading hours on Tuesday, hitting $472.90. The stock had a trading volume of 2,200,448 shares, compared to its average volume of 3,540,307. The stock’s fifty day simple moving average is $524.19 and its 200 day simple moving average is $566.33. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a market capitalization of $211.86 billion, a price-to-earnings ratio of 45.21, a PEG ratio of 2.52 and a beta of 1.28. 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 announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

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.