WESPAC Advisors SoCal LLC Sells 312 Shares of Adobe Inc. (NASDAQ:ADBE)

WESPAC Advisors SoCal LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,221 shares of the software company’s stock after selling 312 shares during the period. WESPAC Advisors SoCal LLC’s holdings in Adobe were worth $1,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. Invst LLC increased its position in Adobe by 1.9% in 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 last quarter. Raleigh Capital Management Inc. boosted its stake in Adobe by 3.1% during the third 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 stake in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares during the period. B & T Capital Management DBA Alpha Capital Management boosted its stake 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 worth $249,000 after buying an additional 17 shares during the period. Finally, Evolution Advisers Inc. boosted 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 buying an additional 17 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock worth $15,165,916 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Piper Sandler reissued an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Friday, June 14th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Performance

Adobe stock traded up $4.47 during mid-day trading on Monday, hitting $560.01. The company had a trading volume of 3,068,825 shares, compared to its average volume of 3,586,013. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company’s fifty day moving average is $485.04 and its 200-day moving average is $534.27. The company has a market capitalization of $248.31 billion, a price-to-earnings ratio of 50.32, a P/E/G ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the firm posted $3.04 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership 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.