S.A. Mason LLC Has $1.67 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

S.A. Mason LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 2.9% in the fourth quarter, Holdings Channel reports. The fund owned 2,805 shares of the software company’s stock after selling 85 shares during the quarter. Adobe accounts for approximately 1.1% of S.A. Mason LLC’s investment portfolio, making the stock its 15th largest holding. S.A. Mason LLC’s holdings in Adobe were worth $1,673,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe during the third quarter worth $25,000. HBC Financial Services PLLC bought a new stake in Adobe in the third quarter valued at $25,000. Global Wealth Strategies & Associates increased its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Halpern Financial Inc. raised its stake in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares during the period. Finally, BluePath Capital Management LLC bought a new position in Adobe in the third quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.6 %

Shares of Adobe stock opened at $504.40 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The stock has a market capitalization of $228.27 billion, a P/E ratio of 48.22, a P/E/G ratio of 2.74 and a beta of 1.29. The stock’s 50-day simple moving average is $573.39 and its 200 day simple moving average is $571.57.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $2.97 EPS. As a group, research analysts anticipate that Adobe Inc. will post 14.57 EPS for the current 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.

Insider Activity at Adobe

In other Adobe news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock worth $5,340,250 in the last ninety days. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADBE shares. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Friday, March 15th. Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe 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.