Shepherd Financial Partners LLC Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Shepherd Financial Partners LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 1.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,101 shares of the software company’s stock after selling 60 shares during the period. Shepherd Financial Partners LLC’s holdings in Adobe were worth $3,043,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ADBE. Barlow Wealth Partners Inc. acquired a new stake in Adobe in the 4th quarter valued at about $16,700,000. Federated Hermes Inc. lifted its position in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC lifted its position in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC acquired a new stake in Adobe in the third quarter valued at $4,141,000. Finally, Vise Technologies Inc. raised its holdings in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after acquiring an additional 5,654 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock traded down $1.11 on Friday, reaching $444.76. The stock had a trading volume of 7,487,507 shares, compared to its average volume of 2,555,011. The stock has a market cap of $199.25 billion, a P/E ratio of 42.52, a price-to-earnings-growth ratio of 2.41 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day simple moving average of $481.94 and a 200 day simple moving average of $551.06. Adobe Inc. has a 1 year low of $410.70 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Mizuho reiterated a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Check Out Our Latest Report on ADBE

About Adobe

(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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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