Forza Wealth Management LLC Sells 130 Shares of Adobe Inc. (NASDAQ:ADBE)

Forza Wealth Management LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 19.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 553 shares of the software company’s stock after selling 130 shares during the quarter. Forza Wealth Management LLC’s holdings in Adobe were worth $330,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Adobe by 1.2% in the 2nd quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock valued at $9,223,377,000 after acquiring an additional 229,776 shares in the last quarter. Morgan Stanley increased its stake in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp grew its position in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after purchasing an additional 202,136 shares during the period. Norges Bank acquired a new stake in Adobe in the 4th quarter valued at $1,757,029,000. Finally, Jennison Associates LLC grew its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock valued at $1,853,025 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $497.01 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a market cap of $222.66 billion, a PE ratio of 47.52, a P/E/G ratio of 2.72 and a beta of 1.28. The firm has a 50 day simple moving average of $561.45 and a two-hundred day simple moving average of $569.46.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the company earned $2.97 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. HSBC reduced their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Bank of America cut their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Check Out Our Latest Research Report on Adobe

Adobe Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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