Salvus Wealth Management LLC Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Salvus Wealth Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 30.5% during the first quarter, Holdings Channel reports. The institutional investor owned 818 shares of the software company’s stock after selling 359 shares during the period. Salvus Wealth Management LLC’s holdings in Adobe were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the 4th quarter valued at approximately $35,000. Steph & Co. grew its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Vima LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $55,000. Pineridge Advisors LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC bought a new position in shares of Adobe during the 4th quarter valued at approximately $61,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock valued at $1,563,166 in the last three months. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Stifel Nicolaus lowered their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. UBS Group lowered their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. KeyCorp boosted their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Performance

Adobe stock traded up $1.32 during mid-day trading on Tuesday, hitting $525.49. The company had a trading volume of 258,024 shares, compared to its average volume of 3,549,822. The company has a current ratio of 1.16, a quick ratio of 1.05 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 $479.66 and its 200-day moving average is $536.63. The company has a market capitalization of $235.42 billion, a price-to-earnings ratio of 47.10, a P/E/G ratio of 2.78 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The business 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 business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.04 EPS. 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.