Cannell & Co. Sells 1,116 Shares of Adobe Inc. (NASDAQ:ADBE)

Cannell & Co. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,239 shares of the software company’s stock after selling 1,116 shares during the quarter. Cannell & Co.’s holdings in Adobe were worth $18,041,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. One Charles Private Wealth Services LLC raised its position in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC increased its holdings in Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. lifted 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 buying an additional 17 shares during the period. Lantz Financial LLC boosted its holdings in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management grew its position in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other 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 transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, 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. In the last quarter, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $3.79 during mid-day trading on Wednesday, reaching $466.62. 871,376 shares of the company’s stock were exchanged, compared to its average volume of 3,456,167. The firm has a 50-day moving average price of $512.29 and a two-hundred day moving average price of $563.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $209.05 billion, a price-to-earnings ratio of 44.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.97 earnings per share. Analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a stock buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Mizuho reaffirmed a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.