Cary Street Partners Asset Management LLC Sells 341 Shares of Adobe Inc. (NASDAQ:ADBE)

Cary Street Partners Asset Management LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,671 shares of the software company’s stock after selling 341 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Adobe were worth $3,980,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. HBC Financial Services PLLC bought a new position in shares of Adobe in the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth $35,000. BluePath Capital Management LLC acquired a new position in Adobe during the third quarter worth $39,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe in the third quarter valued at $45,000. Finally, Hoey Investments Inc. increased its holdings in shares of Adobe by 526.7% in the third quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock valued at $48,000 after purchasing an additional 79 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 0.7 %

Shares of ADBE traded up $3.43 during trading hours on Wednesday, hitting $466.26. The company had a trading volume of 790,905 shares, compared to its average volume of 3,454,820. The company has a market capitalization of $208.88 billion, a PE ratio of 44.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company’s fifty day moving average price is $512.29 and its two-hundred day moving average price is $563.44.

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, 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 return on equity of 39.12% and a net margin of 24.08%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.97 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the 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 completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 over the last quarter. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. Mizuho restated a “buy” rating and issued a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.