Adobe Inc. (NASDAQ:ADBE) Shares Sold by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,044 shares of the software company’s stock after selling 920 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Adobe were worth $5,396,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Adobe by 5.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 116,382 shares of the software company’s stock valued at $59,343,000 after purchasing an additional 6,270 shares during the period. Hanson & Doremus Investment Management raised its position in Adobe by 18.2% during the 3rd quarter. Hanson & Doremus Investment Management now owns 130 shares of the software company’s stock worth $66,000 after buying an additional 20 shares during the last quarter. Pinnacle West Asset Management Inc. raised its position in Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after buying an additional 90 shares during the last quarter. Legacy Financial Group LLC acquired a new stake in shares of Adobe in the 3rd quarter worth $119,000. Finally, Channel Wealth LLC purchased a new stake in shares of Adobe in the third quarter valued at about $271,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. Bank of America lowered 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. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Stifel Nicolaus reduced their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 2.0 %

NASDAQ ADBE traded up $9.61 during trading hours on Friday, hitting $486.18. 2,833,186 shares of the company’s stock were exchanged, compared to its average volume of 2,940,603. The business’s 50 day moving average is $508.34 and its 200-day moving average is $561.74. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market capitalization of $217.81 billion, a P/E ratio of 46.48, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company posted $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Adobe Company 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.