Adobe Inc. (NASDAQ:ADBE) Shares Sold by Albion Financial Group UT

Albion Financial Group UT cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 35.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,728 shares of the software company’s stock after selling 932 shares during the quarter. Albion Financial Group UT’s holdings in Adobe were worth $872,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Norges Bank purchased a new position in shares of Adobe during the 4th quarter worth approximately $3,277,785,000. Wellington Management Group LLP grew its stake in shares of Adobe by 1,213.5% in 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 buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Adobe during the 4th quarter worth about $875,592,000. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 10.0% during the 4th 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 grew its position in Adobe by 41.2% in the 4th 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 in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was 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 owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s 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 completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. 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 ninety days. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. Finally, Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Price Performance

Shares of ADBE stock traded up $2.44 during midday trading on Wednesday, reaching $570.15. 1,664,373 shares of the company traded hands, compared to its average volume of 3,566,709. The firm’s 50 day simple moving average is $488.79 and its two-hundred day simple moving average is $533.97. The firm has a market cap of $252.80 billion, a PE ratio of 50.85, a price-to-earnings-growth 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 current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released 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 net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, 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 stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are 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.