Adobe Inc. (NASDAQ:ADBE) Shares Sold by AXS Investments LLC

AXS Investments LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,470 shares of the software company’s stock after selling 1,134 shares during the period. Adobe accounts for 1.5% of AXS Investments LLC’s holdings, making the stock its 9th biggest holding. AXS Investments LLC’s holdings in Adobe were worth $6,246,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ADBE. BlackDiamond Wealth Management LLC increased its stake in shares of Adobe by 3.5% in the fourth quarter. BlackDiamond Wealth Management LLC now owns 621 shares of the software company’s stock valued at $392,000 after buying an additional 21 shares during the period. Enterprise Financial Services Corp raised its stake in Adobe by 24.9% during the fourth quarter. Enterprise Financial Services Corp now owns 1,130 shares of the software company’s stock worth $674,000 after buying an additional 225 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in Adobe in the fourth quarter valued at $341,000. Tidemark LLC bought a new stake in Adobe during the fourth quarter valued at $91,000. Finally, Union Savings Bank grew its holdings in Adobe by 11.1% during the 4th quarter. Union Savings Bank now owns 900 shares of the software company’s stock worth $537,000 after acquiring an additional 90 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADBE. Robert W. Baird cut their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. HSBC lowered their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, UBS Group cut their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. 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 company’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, 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 filing with the SEC, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of Adobe 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’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 transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded down $0.62 on Thursday, hitting $483.31. 2,181,879 shares of the stock traded hands, compared to its average volume of 3,315,757. The firm has a market capitalization of $216.52 billion, a price-to-earnings ratio of 46.26, a PEG ratio of 2.61 and a beta of 1.28. The business’s fifty day moving average is $488.89 and its two-hundred day moving average is $556.83. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 12 month low of $361.72 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during 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 revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management 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.