WD Rutherford LLC Sells 300 Shares of Adobe Inc. (NASDAQ:ADBE)

WD Rutherford LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,056 shares of the software company’s stock after selling 300 shares during the period. Adobe comprises 2.9% of WD Rutherford LLC’s portfolio, making the stock its 6th largest holding. WD Rutherford LLC’s holdings in Adobe were worth $4,863,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Rockland Trust Co. boosted its stake in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC raised its holdings in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the last quarter. Team Hewins LLC bought a new position in shares of Adobe in the third quarter valued at about $4,141,000. Finally, Guinness Asset Management LTD raised its holdings in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.9 %

ADBE opened at $477.56 on Friday. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock’s fifty day simple moving average is $515.34 and its 200 day simple moving average is $564.33. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $213.95 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 EPS. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADBE. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a report on Thursday, January 18th. Wells Fargo & Company lowered their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, 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 can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, 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 can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction 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 owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock worth $137,656. Company insiders own 0.15% of the company’s stock.

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.