Adobe Inc. (NASDAQ:ADBE) Shares Sold by Atticus Wealth Management LLC

Atticus Wealth Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 830 shares of the software company’s stock after selling 93 shares during the quarter. Atticus Wealth Management LLC’s holdings in Adobe were worth $419,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Invst LLC raised its stake in Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the period. Raleigh Capital Management Inc. raised its position in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC boosted its holdings in Adobe by 2.5% in 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 last quarter. 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. Finally, Evolution Advisers Inc. increased its stake in Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADBE shares. Robert W. Baird lifted their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. DA Davidson reissued a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Friday, June 14th. Finally, UBS Group lowered their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Transactions at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders sold 28,270 shares of company stock valued at $15,165,916. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $8.78 during trading on Friday, reaching $555.54. 5,084,543 shares of the company’s stock traded hands, compared to its average volume of 4,723,748. 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 current ratio of 1.16 and a quick ratio of 1.05. The stock has a market capitalization of $246.33 billion, a P/E ratio of 49.91, a price-to-earnings-growth ratio of 2.90 and a beta of 1.27. The company has a 50 day moving average of $485.04 and a 200-day moving average of $534.90.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $3.04 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

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

About Adobe

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.