Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Brookstone Capital Management

Brookstone Capital Management trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 23.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,405 shares of the software company’s stock after selling 2,277 shares during the quarter. Brookstone Capital Management’s holdings in Adobe were worth $3,737,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Invst LLC lifted its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares during the period. Raleigh Capital Management Inc. raised its position in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC raised its position in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management raised its position in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the last quarter. Finally, Evolution Advisers Inc. raised its position in Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after purchasing an additional 17 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following 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 can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,270 shares of company stock worth $1,563,166. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 3.4 %

Adobe stock opened at $546.76 on Friday. The firm has a market capitalization of $244.95 billion, a PE ratio of 49.12, a P/E/G ratio of 2.75 and a beta of 1.27. The company’s 50-day moving average is $481.75 and its 200-day moving average is $535.99. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week 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 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 EPS. Sell-side 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 program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ADBE shares. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Barclays lifted their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Stifel Nicolaus dropped their target price on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Finally, StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. 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, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

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.