Adobe Inc. (NASDAQ:ADBE) Shares Sold by Courier Capital LLC

Courier Capital LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 16.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 509 shares of the software company’s stock after selling 100 shares during the quarter. Courier Capital LLC’s holdings in Adobe were worth $304,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. IFG Advisory LLC boosted its position in Adobe by 8.8% during the fourth quarter. IFG Advisory LLC now owns 2,091 shares of the software company’s stock worth $1,247,000 after acquiring an additional 170 shares during the last quarter. Highland Capital Management LLC raised its stake in shares of Adobe by 6.2% in the 4th quarter. Highland Capital Management LLC now owns 5,709 shares of the software company’s stock valued at $3,406,000 after acquiring an additional 335 shares during the period. RNC Capital Management LLC increased its stake in Adobe by 1.8% during the 4th quarter. RNC Capital Management LLC now owns 16,086 shares of the software company’s stock worth $9,597,000 after buying an additional 278 shares during the period. Columbia Trust Co 01012016 increased its stake in Adobe by 15.2% during the 4th quarter. Columbia Trust Co 01012016 now owns 2,684 shares of the software company’s stock worth $1,601,000 after buying an additional 355 shares during the period. Finally, Tandem Wealth Advisors LLC boosted its holdings in shares of Adobe by 42.2% in the 4th quarter. Tandem Wealth Advisors LLC now owns 627 shares of the software company’s stock valued at $374,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,400,519.45. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,162 shares of company stock valued at $5,340,250. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. KGI Securities upgraded shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price target for the company in a report on Monday, December 4th. TD Cowen cut their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Robert W. Baird cut their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Wednesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

NASDAQ:ADBE opened at $504.40 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a 50-day moving average of $573.39 and a two-hundred day moving average of $571.57. The stock has a market cap of $228.27 billion, a P/E ratio of 48.22, a PEG ratio of 2.74 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly 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 business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company posted $2.97 earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase 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 typically 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.