Adobe Inc. (NASDAQ:ADBE) Shares Sold by Capital Asset Advisory Services LLC

Capital Asset Advisory Services LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,595 shares of the software company’s stock after selling 259 shares during the quarter. Capital Asset Advisory Services LLC’s holdings in Adobe were worth $1,259,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at $3,277,785,000. Wellington Management Group LLP boosted its holdings in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Adobe during the fourth quarter valued at $875,592,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares during the period. Finally, Putnam Investments LLC boosted its holdings in shares of Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after acquiring an additional 307,479 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Robert W. Baird boosted their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. KeyCorp upped their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. 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 has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Price Performance

Shares of ADBE opened at $555.54 on Friday. The company has a market capitalization of $248.88 billion, a price-to-earnings ratio of 49.91, a P/E/G ratio of 2.76 and a beta of 1.27. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week 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 business’s 50-day moving average is $485.04 and its 200-day moving average is $535.58.

Adobe (NASDAQ:ADBE) last issued its earnings results 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 company had revenue of $5.31 billion for 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 firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.04 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, 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 90 days. Company insiders own 0.15% of the company’s stock.

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.