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

GraniteShares Advisors LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 17.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,776 shares of the software company’s stock after selling 588 shares during the period. Adobe makes up 1.5% of GraniteShares Advisors LLC’s portfolio, making the stock its 7th largest position. GraniteShares Advisors LLC’s holdings in Adobe were worth $1,656,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rockland Trust Co. boosted its stake in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares during the period. Mainsail Financial Group LLC lifted its position in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC bought a new stake in Adobe during the 3rd quarter worth about $4,141,000. Guinness Asset Management LTD lifted its position in Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after buying an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its position in Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after buying an additional 1,732 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE traded up $6.12 on Tuesday, hitting $476.22. The company had a trading volume of 2,658,924 shares, compared to its average volume of 3,613,352. The stock has a market capitalization of $213.35 billion, a price-to-earnings ratio of 45.57, a PEG ratio of 2.57 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $538.63 and a two-hundred day moving average of $567.86. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.97 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Robert W. Baird dropped their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly 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. Over the last 90 days, insiders sold 3,063 shares of company stock valued at $1,853,025. Insiders own 0.15% of the company’s stock.

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.