Adobe Inc. (NASDAQ:ADBE) Shares Sold by Hexagon Capital Partners LLC

Hexagon Capital Partners LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.9% 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 652 shares of the software company’s stock after selling 48 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Adobe were worth $329,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ADBE. Wetzel Investment Advisors Inc. bought a new position in Adobe in the fourth quarter worth about $35,000. Steph & Co. increased its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Vima LLC acquired a new stake in Adobe in the fourth quarter worth $55,000. Pineridge Advisors LLC bought a new stake in Adobe in the fourth quarter valued at $60,000. Finally, Scarborough Advisors LLC acquired a new position in shares of Adobe during the fourth quarter valued at $61,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.8 %

NASDAQ ADBE opened at $560.01 on Tuesday. The firm’s 50 day moving average price is $485.04 and its two-hundred day moving average price is $534.27. 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 Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $248.31 billion, a price-to-earnings ratio of 50.32, a PEG ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly 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 business 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%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.04 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its Board of Directors has approved a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’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 transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction 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 sold 28,270 shares of company stock valued at $15,165,916 over the last three months. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADBE shares. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. Finally, TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

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.