Axxcess Wealth Management LLC Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Axxcess Wealth Management LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,974 shares of the software company’s stock after selling 500 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Adobe were worth $11,916,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ADBE. Concentrum Wealth Management boosted its holdings in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Adobe during the 4th quarter valued at approximately $875,592,000. Invesco Ltd. increased its stake in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the last quarter. Jennison Associates LLC lifted its position in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in Adobe during the third quarter valued at approximately $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, insider Anil Chakravarthy sold 100 shares of Adobe 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 sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. Robert W. Baird decreased their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. 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. Piper Sandler Companies dropped their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, UBS Group reduced their price objective 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

Adobe stock traded up $9.61 during mid-day trading on Friday, hitting $486.18. The company had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. The company has a market capitalization of $217.81 billion, a price-to-earnings ratio of 46.48, a P/E/G ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company’s fifty day moving average is $508.34 and its 200-day moving average is $561.74. 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 (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $2.97 EPS. Equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

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

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.