Adobe Inc. (NASDAQ:ADBE) Shares Sold by Opal Wealth Advisors LLC

Opal Wealth Advisors LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 20.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 672 shares of the software company’s stock after selling 173 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Adobe were worth $339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Norges Bank purchased a new position in Adobe in the fourth quarter valued at about $3,277,785,000. Wellington Management Group LLP increased its holdings in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Adobe in the fourth quarter valued at about $875,592,000. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC increased its holdings in Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after buying an additional 307,479 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Robert W. Baird increased their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Barclays raised their price objective on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $607.67.

Check Out Our Latest Stock Analysis on ADBE

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction 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 sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction 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 sale, the chief accounting officer now directly 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. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 2.0 %

Shares of ADBE traded up $10.49 during mid-day trading on Friday, reaching $533.44. The company had a trading volume of 6,614,086 shares, compared to its average volume of 4,373,285. The stock has a market cap of $238.98 billion, a price-to-earnings ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. The firm has a fifty day simple moving average of $478.58 and a 200-day simple moving average of $537.22. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $3.04 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its board has authorized a stock buyback program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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