Spire Wealth Management Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Spire Wealth Management cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 43.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,948 shares of the software company’s stock after selling 6,038 shares during the quarter. Spire Wealth Management’s holdings in Adobe were worth $4,860,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the fourth quarter worth approximately $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe during the 3rd quarter valued at $39,000. Hanseatic Management Services Inc. purchased a new position in Adobe in the 3rd quarter worth $45,000. Finally, First Command Advisory Services Inc. bought a new stake in Adobe in the third quarter worth $52,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two investment 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on 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 of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $7.41 on Monday, reaching $493.59. 2,103,523 shares of the stock were exchanged, compared to its average volume of 3,442,089. 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 firm has a market capitalization of $221.13 billion, a PE ratio of 47.19, a PEG ratio of 2.63 and a beta of 1.28. The company’s 50-day simple moving average is $508.34 and its two-hundred day simple moving average is $561.78.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a share 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 purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are 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.