TBH Global Asset Management LLC Trims Position in Adobe Inc. (NASDAQ:ADBE)

TBH Global Asset Management LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 1.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,738 shares of the software company’s stock after selling 27 shares during the period. TBH Global Asset Management LLC’s holdings in Adobe were worth $1,037,000 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 business. Cypress Asset Management Inc. TX purchased a new position in Adobe during the 4th quarter worth approximately $4,456,000. BayBridge Capital Group LLC purchased a new position in Adobe during the 4th quarter worth approximately $914,000. SageView Advisory Group LLC raised its position in Adobe by 57.0% during the 4th quarter. SageView Advisory Group LLC now owns 6,409 shares of the software company’s stock worth $4,024,000 after buying an additional 2,328 shares during the last quarter. BlackDiamond Wealth Management LLC raised its position in Adobe by 3.5% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 621 shares of the software company’s stock worth $392,000 after buying an additional 21 shares during the last quarter. Finally, Enterprise Financial Services Corp raised its position in Adobe by 24.9% during the 4th quarter. Enterprise Financial Services Corp now owns 1,130 shares of the software company’s stock worth $674,000 after buying an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.6 %

Shares of NASDAQ ADBE traded down $7.88 during mid-day trading on Friday, hitting $475.43. 2,688,915 shares of the company traded hands, compared to its average volume of 3,315,150. Adobe Inc. has a 1 year low of $374.09 and a 1 year high of $638.25. The stock has a market capitalization of $212.99 billion, a price-to-earnings ratio of 45.63, a PEG ratio of 2.62 and a beta of 1.28. 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 business has a 50 day moving average of $487.14 and a two-hundred day moving average of $556.32.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now 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. In the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADBE. UBS Group cut their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. HSBC lowered their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. TD Cowen lowered their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Finally, DA Davidson reissued a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

View Our Latest Stock Analysis on ADBE

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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