Telemus Capital LLC Sells 553 Shares of Adobe Inc. (NASDAQ:ADBE)

Telemus Capital LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 27,954 shares of the software company’s stock after selling 553 shares during the period. Adobe comprises 1.4% of Telemus Capital LLC’s holdings, making the stock its 17th largest holding. Telemus Capital LLC’s holdings in Adobe were worth $16,677,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Rockland Trust Co. raised its stake in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares during the last quarter. Federated Hermes Inc. increased its stake in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC increased its stake in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC bought a new stake in Adobe in the third quarter valued at $4,141,000. Finally, Guinness Asset Management LTD increased its stake in Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. 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 report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of Adobe stock opened at $466.89 on Tuesday. The firm has a market capitalization of $209.17 billion, a P/E ratio of 44.64, a P/E/G ratio of 2.52 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 company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $524.19 and its two-hundred day moving average is $566.33.

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

Adobe declared that its board has initiated a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was 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 $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction 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 transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by company insiders.

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.