Bfsg LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Bfsg LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% in the 4th quarter, Holdings Channel reports. The firm owned 5,389 shares of the software company’s stock after selling 170 shares during the period. Bfsg LLC’s holdings in Adobe were worth $3,215,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ADBE. One Charles Private Wealth Services LLC grew its position in Adobe by 2.2% during the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares during the period. Invst LLC grew its position in Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. grew its position in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the period. Lantz Financial LLC grew its position in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management grew its position in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE traded down $9.52 on Thursday, reaching $467.60. 736,006 shares of the stock traded hands, compared to its average volume of 3,491,162. The firm’s fifty day simple moving average is $519.06 and its 200 day simple moving average is $565.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $209.48 billion, a price-to-earnings ratio of 44.62, a P/E/G ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

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

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

Analysts Set New Price Targets

A number of brokerages have commented on ADBE. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. TD Cowen reduced their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. 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 research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

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.