Adobe Inc. (NASDAQ:ADBE) Shares Sold by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,953 shares of the software company’s stock after selling 218 shares during the quarter. Adobe comprises approximately 0.6% of Newbridge Financial Services Group Inc.’s investment portfolio, making the stock its 28th largest holding. Newbridge Financial Services Group Inc.’s holdings in Adobe were worth $1,165,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the 4th quarter worth approximately $35,000. Hanseatic Management Services Inc. acquired a new position in Adobe in the 3rd quarter worth approximately $45,000. Vima LLC acquired a new position in Adobe in the 4th quarter worth approximately $55,000. Pineridge Advisors LLC acquired a new position in Adobe in the 4th quarter worth approximately $60,000. Finally, Scarborough Advisors LLC acquired a new position in Adobe in the 4th quarter worth approximately $61,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 1.3 %

Shares of NASDAQ ADBE traded up $6.87 during trading on Tuesday, hitting $525.61. 858,769 shares of the company were exchanged, compared to its average volume of 3,508,442. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The company has a fifty day moving average price of $475.32 and a 200-day moving average price of $539.44. The firm has a market capitalization of $235.47 billion, a PE ratio of 46.61, a P/E/G ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $3.04 EPS. As a group, equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were 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 $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ADBE shares. Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. BMO Capital Markets raised their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a research note on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Friday. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

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.