Tributary Capital Management LLC Has $749,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Tributary Capital Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,485 shares of the software company’s stock after selling 45 shares during the quarter. Tributary Capital Management LLC’s holdings in Adobe were worth $749,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Congress Wealth Management LLC DE raised its stake in Adobe by 2.8% in the first quarter. Congress Wealth Management LLC DE now owns 36,847 shares of the software company’s stock valued at $18,593,000 after purchasing an additional 1,020 shares in the last quarter. Talbot Financial LLC raised its stake in Adobe by 1.7% in the first quarter. Talbot Financial LLC now owns 44,551 shares of the software company’s stock valued at $22,480,000 after purchasing an additional 742 shares in the last quarter. Miracle Mile Advisors LLC raised its stake in Adobe by 16.6% in the first quarter. Miracle Mile Advisors LLC now owns 3,604 shares of the software company’s stock valued at $1,819,000 after purchasing an additional 513 shares in the last quarter. Little House Capital LLC acquired a new position in Adobe in the first quarter valued at about $1,361,000. Finally, Chapin Davis Inc. raised its stake in Adobe by 12.3% in the first quarter. Chapin Davis Inc. now owns 456 shares of the software company’s stock valued at $230,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADBE. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Sanford C. Bernstein upped their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, BMO Capital Markets boosted their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Performance

ADBE stock traded up $6.57 during trading on Tuesday, reaching $566.58. The stock had a trading volume of 331,214 shares, compared to its average volume of 3,560,265. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock’s 50 day moving average is $485.04 and its two-hundred day moving average is $534.27. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $251.22 billion, a PE ratio of 50.32, a PEG ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted 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 firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the company earned $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

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

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by company insiders.

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.