Slow Capital Inc. Sells 181 Shares of Adobe Inc. (NASDAQ:ADBE)

Slow Capital Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,792 shares of the software company’s stock after selling 181 shares during the period. Slow Capital Inc.’s holdings in Adobe were worth $4,052,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Prosperity Wealth Management Inc. bought a new position in shares of Adobe during the fourth quarter valued at approximately $376,000. Sfmg LLC grew its holdings in shares of Adobe by 3.5% during the fourth quarter. Sfmg LLC now owns 680 shares of the software company’s stock valued at $406,000 after buying an additional 23 shares during the last quarter. Quantum Private Wealth LLC grew its holdings in shares of Adobe by 16.4% during the fourth quarter. Quantum Private Wealth LLC now owns 1,165 shares of the software company’s stock valued at $695,000 after buying an additional 164 shares during the last quarter. Tyche Wealth Partners LLC purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $930,000. Finally, West Paces Advisors Inc. grew its holdings in shares of Adobe by 7.6% during the fourth quarter. West Paces Advisors Inc. now owns 467 shares of the software company’s stock valued at $279,000 after buying an additional 33 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. 0.15% of the stock is owned by insiders.

Adobe Price Performance

ADBE stock traded down $1.88 during mid-day trading on Wednesday, hitting $474.34. The company had a trading volume of 898,454 shares, compared to its average volume of 3,575,908. The company has a market capitalization of $212.50 billion, a price-to-earnings ratio of 45.35, a P/E/G ratio of 2.55 and a beta of 1.28. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $536.02 and a 200 day moving average price of $567.62.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share 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 analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the company earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a share 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 repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ADBE shares. Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. TD Cowen cut their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two equities research 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. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

About Adobe

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.