Monument Capital Management Sells 85 Shares of Adobe Inc. (NASDAQ:ADBE)

Monument Capital Management lessened its position in Adobe Inc. (NASDAQ:ADBE) by 11.5% during the first quarter, Holdings Channel reports. The fund owned 652 shares of the software company’s stock after selling 85 shares during the period. Monument Capital Management’s holdings in Adobe were worth $329,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter worth approximately $35,000. Steph & Co. raised its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Vima LLC bought a new stake in Adobe in the fourth quarter worth $55,000. Pineridge Advisors LLC purchased a new stake in Adobe during the fourth quarter valued at about $60,000. Finally, Scarborough Advisors LLC bought a new position in shares of Adobe during the fourth quarter valued at about $61,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was 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 directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value 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 disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 in the last quarter. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. TD Cowen dropped their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Piper Sandler restated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Friday, June 14th. Sanford C. Bernstein upped their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $570.15 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a 50 day simple moving average of $488.79 and a two-hundred day simple moving average of $533.97. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market capitalization of $252.80 billion, a price-to-earnings ratio of 50.85, a P/E/G 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 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company earned $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. 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 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 reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership 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.