Adobe Inc. (NASDAQ:ADBE) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,445 shares of the software company’s stock after selling 84 shares during the period. Carret Asset Management LLC’s holdings in Adobe were worth $2,055,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Iron Horse Wealth Management LLC purchased a new stake in Adobe during the third quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the third quarter valued at $25,000. Global Wealth Strategies & Associates boosted its stake in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the fourth quarter valued at $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe in the third quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADBE shares. Barclays reduced their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Finally, Wells Fargo & Company decreased their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 984 shares of company stock worth $577,171. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $4.22 during trading on Wednesday, hitting $477.12. The company had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. The company has a market cap of $213.75 billion, a P/E ratio of 45.37, a PEG ratio of 2.53 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The business’s 50-day moving average is $521.61 and its 200 day moving average is $565.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

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

Adobe Company 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.