Altfest L J & Co. Inc. Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Altfest L J & Co. Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 29.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,337 shares of the software company’s stock after selling 546 shares during the period. Altfest L J & Co. Inc.’s holdings in Adobe were worth $798,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. One Charles Private Wealth Services LLC lifted its holdings in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares in the last quarter. Invst LLC grew its holdings in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares in the last quarter. Raleigh Capital Management Inc. increased its position in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC raised its holdings in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its position in shares of Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a research report on Wednesday. HSBC lowered their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling at Adobe

In other news, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock valued at $5,340,250 over the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 0.6 %

Shares of Adobe stock traded down $3.03 during trading hours on Thursday, hitting $501.37. The company’s stock had a trading volume of 1,906,000 shares, compared to its average volume of 3,647,467. The firm has a fifty day moving average of $573.39 and a 200-day moving average of $571.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. The stock has a market cap of $226.89 billion, a price-to-earnings ratio of 48.02, a P/E/G ratio of 2.75 and a beta of 1.29. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm posted $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its board has initiated a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.