Sand Hill Global Advisors LLC Sells 955 Shares of Adobe Inc. (NASDAQ:ADBE)

Sand Hill Global Advisors LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% during the 4th quarter, HoldingsChannel reports. The firm owned 19,780 shares of the software company’s stock after selling 955 shares during the period. Sand Hill Global Advisors LLC’s holdings in Adobe were worth $11,801,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Alpha Family Trust boosted its position in shares of Adobe by 9.6% during the fourth quarter. Alpha Family Trust now owns 2,355 shares of the software company’s stock valued at $1,405,000 after purchasing an additional 207 shares in the last quarter. Financial Advisors Network Inc. boosted its position in shares of Adobe by 35.7% during the fourth quarter. Financial Advisors Network Inc. now owns 1,830 shares of the software company’s stock valued at $1,092,000 after purchasing an additional 481 shares in the last quarter. Capital Management Associates NY bought a new stake in shares of Adobe during the fourth quarter valued at approximately $1,134,000. Seven Mile Advisory boosted its position in shares of Adobe by 3.7% during the fourth quarter. Seven Mile Advisory now owns 934 shares of the software company’s stock valued at $557,000 after purchasing an additional 33 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd boosted its position in shares of Adobe by 1.5% during the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 33,824 shares of the software company’s stock valued at $20,179,000 after purchasing an additional 513 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. DA Davidson reissued a “buy” rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Wells Fargo & Company dropped their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two equities 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 company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

Adobe stock traded up $2.08 during mid-day trading on Wednesday, reaching $483.93. 1,869,372 shares of the stock traded hands, compared to its average volume of 3,332,486. The stock has a market capitalization of $216.80 billion, a PE ratio of 46.07, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 12-month low of $361.72 and a 12-month high of $638.25. The business’s 50-day moving average is $490.68 and its 200-day moving average is $557.34.

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

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

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was 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 $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

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.