First Pacific Financial Sells 177 Shares of Adobe Inc. (NASDAQ:ADBE)

First Pacific Financial decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,290 shares of the software company’s stock after selling 177 shares during the period. Adobe accounts for 0.4% of First Pacific Financial’s holdings, making the stock its 28th biggest position. First Pacific Financial’s holdings in Adobe were worth $1,366,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Iron Horse Wealth Management LLC acquired a new stake in Adobe during the third quarter valued at $25,000. HBC Financial Services PLLC acquired a new position in shares of Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates increased its holdings in Adobe by 57.6% in the 3rd 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 last quarter. Halpern Financial Inc. lifted its position in shares of Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares in the last quarter. Finally, BluePath Capital Management LLC purchased a new position in Adobe in the third quarter valued at $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE opened at $504.40 on Thursday. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The firm has a fifty day moving average of $573.39 and a 200-day moving average of $571.57. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $228.27 billion, a PE ratio of 48.22, a P/E/G ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company earned $2.97 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.57 EPS for the current year.

Adobe announced that its board has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on ADBE shares. HSBC dropped their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies reduced their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Citigroup lifted their target price on Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Adobe presently 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.