Schnieders Capital Management LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Schnieders Capital Management LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,608 shares of the software company’s stock after selling 225 shares during the quarter. Schnieders Capital Management LLC’s holdings in Adobe were worth $1,556,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ADBE. Iron Horse Wealth Management LLC purchased a new stake in Adobe in the third quarter worth $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates increased its stake in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe during the 4th quarter valued at about $35,000. Finally, BluePath Capital Management LLC bought a new stake in Adobe during the third quarter worth about $39,000. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Adobe

In related 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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $1,318,346.61. Following the completion of 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 this link. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,175 shares of company stock valued at $1,895,518. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Robert W. Baird reduced their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” 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 assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

NASDAQ ADBE traded up $6.01 during trading hours on Tuesday, hitting $472.90. 2,200,448 shares of the company’s stock traded hands, compared to its average volume of 3,540,307. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The firm has a market capitalization of $211.86 billion, a P/E ratio of 45.21, a P/E/G ratio of 2.52 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average price is $521.61 and its two-hundred day moving average price is $565.95.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a share repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding 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 often a sign that the company’s board believes its stock is undervalued.

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.