Cambridge Investment Research Advisors Inc. Trims Position in Adobe Inc. (NASDAQ:ADBE)

Cambridge Investment Research Advisors Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 3.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 73,050 shares of the software company’s stock after selling 2,722 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Adobe were worth $36,861,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Private Trust Co. NA increased its stake in shares of Adobe by 21.5% during the first quarter. Private Trust Co. NA now owns 3,895 shares of the software company’s stock worth $1,965,000 after acquiring an additional 689 shares during the period. Elite Wealth Management Inc. grew its position in shares of Adobe by 10.5% in the first quarter. Elite Wealth Management Inc. now owns 6,489 shares of the software company’s stock valued at $3,274,000 after purchasing an additional 616 shares during the last quarter. PSI Advisors LLC grew its position in shares of Adobe by 227.3% in the first quarter. PSI Advisors LLC now owns 982 shares of the software company’s stock valued at $496,000 after purchasing an additional 682 shares during the last quarter. Patton Albertson Miller Group LLC grew its position in shares of Adobe by 16.5% in the first quarter. Patton Albertson Miller Group LLC now owns 11,985 shares of the software company’s stock valued at $6,048,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Zhang Financial LLC grew its position in shares of Adobe by 47.7% in the first quarter. Zhang Financial LLC now owns 3,377 shares of the software company’s stock valued at $1,704,000 after purchasing an additional 1,090 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADBE shares. TD Cowen reduced their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. KeyCorp started coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Get Our Latest Stock Analysis on Adobe

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s 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 transaction, the executive vice president now directly 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 is available at this link. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction 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 $10,014,370.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.1 %

ADBE stock traded down $0.62 during mid-day trading on Thursday, hitting $483.31. 2,217,534 shares of the company were exchanged, compared to its average volume of 3,321,392. The firm has a fifty day simple moving average of $487.14 and a 200 day simple moving average of $556.32. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $361.72 and a twelve month high of $638.25. The company has a market capitalization of $216.52 billion, a PE ratio of 46.21, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (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 company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the firm posted $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is 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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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