Adobe Inc. (NASDAQ:ADBE) Shares Sold by Onyx Bridge Wealth Group LLC

Onyx Bridge Wealth Group LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 29.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 897 shares of the software company’s stock after selling 377 shares during the period. Onyx Bridge Wealth Group LLC’s holdings in Adobe were worth $535,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ADBE. VELA Investment Management LLC grew its holdings in shares of Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after acquiring an additional 1,077 shares during the period. Bornite Capital Management LP acquired a new stake in shares of Adobe in the 1st quarter worth approximately $15,947,000. United Bank grew its holdings in shares of Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after acquiring an additional 543 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after acquiring an additional 91,328 shares during the period. Finally, Ergoteles LLC grew its holdings in shares of Adobe by 138.3% in the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after acquiring an additional 3,860 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value 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 90 days, insiders have sold 3,075 shares of company stock valued at $1,848,418. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded down $8.16 during trading hours on Friday, reaching $465.02. The company’s stock had a trading volume of 3,282,142 shares, compared to its average volume of 3,213,157. 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 has a 50-day simple moving average of $527.09 and a 200 day simple moving average of $565.93. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market cap of $208.33 billion, a PE ratio of 44.46, a PEG ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued 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 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 quarter last year, the company posted $2.97 earnings per share. Adobe’s revenue was up 11.3% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Barclays reduced their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.