HF Advisory Group LLC Sells 127 Shares of Adobe Inc. (NASDAQ:ADBE)

HF Advisory Group LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,277 shares of the software company’s stock after selling 127 shares during the period. HF Advisory Group LLC’s holdings in Adobe were worth $1,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC acquired a new position in Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates raised its holdings in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. BluePath Capital Management LLC acquired a new position in Adobe in the 3rd quarter valued at $39,000. Finally, Financial Freedom LLC acquired a new position in Adobe in the 4th quarter valued at $29,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADBE shares. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a report on Thursday, January 18th. Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Bank of America lowered their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Up 0.0 %

Shares of NASDAQ ADBE traded up $0.23 during trading on Thursday, reaching $474.68. The company had a trading volume of 407,907 shares, compared to its average volume of 3,548,268. The company’s fifty day moving average price is $533.19 and its 200-day moving average price is $566.97. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The stock has a market cap of $212.66 billion, a P/E ratio of 45.36, a PEG ratio of 2.58 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the SEC, which can be accessed through 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 stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock worth $1,848,418 in the last 90 days. Corporate 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.