Adobe Inc. (NASDAQ:ADBE) Shares Sold by Diversified Trust Co

Diversified Trust Co lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 20.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,553 shares of the software company’s stock after selling 1,438 shares during the period. Diversified Trust Co’s holdings in Adobe were worth $2,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter worth about $35,000. Steph & Co. raised its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Vima LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $55,000. Pineridge Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $60,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $61,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ADBE shares. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. TD Cowen dropped their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe 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 issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the business’s 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 $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $560.01 on Tuesday. The stock has a fifty day moving average price of $485.04 and a 200 day moving average price of $534.27. The stock has a market cap of $248.31 billion, a PE ratio of 50.32, a P/E/G ratio of 2.90 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

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 the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $3.04 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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

Adobe Company 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.