Adobe Inc. (NASDAQ:ADBE) Shares Sold by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 857 shares of the software company’s stock after selling 77 shares during the period. Brown Shipley& Co Ltd’s holdings in Adobe were worth $511,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter worth $35,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the third quarter worth $45,000. Vima LLC acquired a new position in shares of Adobe during the fourth quarter worth $55,000. Pineridge Advisors LLC acquired a new position in shares of Adobe during the fourth quarter worth $60,000. Finally, Scarborough Advisors LLC acquired a new position in shares of Adobe during the fourth quarter worth $61,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were 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 owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was 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 approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE opened at $525.50 on Monday. The company has a 50 day simple moving average of $474.63 and a 200-day simple moving average of $540.09. The company has a market capitalization of $235.42 billion, a P/E ratio of 47.20, a P/E/G ratio of 2.84 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADBE shares. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Friday. Stifel Nicolaus cut their target price on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Finally, Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $605.17.

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.