Petredis Investment Advisors LLC Sells 181 Shares of Adobe Inc. (NASDAQ:ADBE)

Petredis Investment Advisors LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,732 shares of the software company’s stock after selling 181 shares during the quarter. Petredis Investment Advisors LLC’s holdings in Adobe were worth $4,613,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of ADBE. Barlow Wealth Partners Inc. bought a new position in Adobe in the 4th quarter valued at about $16,700,000. Federated Hermes Inc. increased its holdings in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC increased its holdings in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the period. Vise Technologies Inc. increased its holdings in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares during the period. Finally, Naviter Wealth LLC increased its holdings in Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after buying an additional 996 shares during the period. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus reduced their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. TD Cowen reduced their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday. Finally, KeyCorp initiated coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $600.97.

Get Our Latest Research Report on ADBE

Adobe Trading Down 0.2 %

Shares of NASDAQ ADBE traded down $1.13 during midday trading on Thursday, reaching $458.74. The stock had a trading volume of 8,408,303 shares, compared to its average volume of 3,397,029. The firm has a market cap of $205.52 billion, a price-to-earnings ratio of 43.86, a price-to-earnings-growth ratio of 2.49 and a beta of 1.27. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50 day moving average price is $473.83 and its 200 day moving average price is $541.85.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.04 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a share 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 reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 in the last quarter. 0.15% of the stock is owned by corporate insiders.

About Adobe

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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