Adobe Inc. (NASDAQ:ADBE) Stock Position Cut by Epic Trust Investment Advisors LLC

Epic Trust Investment Advisors LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,308 shares of the software company’s stock after selling 155 shares during the quarter. Adobe comprises 1.0% of Epic Trust Investment Advisors LLC’s holdings, making the stock its 24th biggest position. Epic Trust Investment Advisors LLC’s holdings in Adobe were worth $780,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Morgan Stanley grew its stake in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after buying an additional 202,136 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares during the last quarter. Finally, Concentrum Wealth Management increased its stake in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 1.4 %

NASDAQ:ADBE traded down $6.64 during trading hours on Tuesday, hitting $466.43. 1,585,660 shares of the stock were exchanged, compared to its average volume of 3,467,272. The company’s 50 day moving average is $513.87 and its two-hundred day moving average is $564.05. The company has a market capitalization of $208.96 billion, a P/E ratio of 44.98, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month 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.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 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 firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 $1,940,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ADBE shares. Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, KeyCorp initiated coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.