Hunter Associates Investment Management LLC Sells 50 Shares of Adobe Inc. (NASDAQ:ADBE)

Hunter Associates Investment Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 7.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 591 shares of the software company’s stock after selling 50 shares during the quarter. Hunter Associates Investment Management LLC’s holdings in Adobe were worth $356,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. One Charles Private Wealth Services LLC increased its holdings in shares of Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares during the period. Invst LLC increased its stake in Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC increased its stake in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,075 shares of company stock valued at $1,848,418. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.7 %

Shares of NASDAQ ADBE traded down $8.16 on Friday, reaching $465.02. 3,282,142 shares of the company’s stock traded hands, compared to its average volume of 3,213,157. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The business’s 50 day simple moving average is $527.09 and its two-hundred day simple moving average is $565.93. The company has a market cap of $208.33 billion, a price-to-earnings ratio of 44.46, a price-to-earnings-growth ratio of 2.56 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 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 business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research analyst reports. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research note on Thursday, January 18th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Robert W. Baird cut their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Two investment 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.